Uruguay

New Documents

The Financial Action Task Force of Latin America published a mutual evaluation report for Uruguay, which rated the jurisdiction moderate in all 11 effectiveness categories and compliant with 16 of the Financial Action Task Force Recommendations.

The Financial Action Task Force of Latin America on Nov. 9, 2018 began the mutual evaluation process for Uruguay, which will last until December 2019. The evaluation analyzed the nation’s anti-money laundering, counterterrorist financing and anti-proliferation of weapons of mass destruction regimes.

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Enforcement Actions

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Important Facts

  • The U.S. State Department identifies Uruguay as a major money laundering jurisdiction. Transnational criminal organizations originating from Colombia, Mexico, Russia, Brazil, Peru, Argentina and Spain operate in Uruguay. Laundered criminal proceeds derive primarily from foreign activities related to drug trafficking, but these foreign criminal organizations also participate in human trafficking, violent crime and car theft. Additionally, Uruguay’s porous borders with Argentina and Brazil support a substantial market for smuggled goods, bulk cash smuggling and trade-based money laundering. Local corruption does not seem to be a significant factor behind money laundering and terrorist financing. Given the level of free mobility of capital in Uruguay, money is likely laundered through the financial sector. However, publicized money laundering cases have also involved narcotics, the real estate sector and the Fédération Internationale de Football Association.
-Source: 2018 International Narcotics Control Strategy Report (INCSR)
  • KYC Covered Entities: Banks, currency exchange houses, stockbrokers, pension funds, insurance companies, casinos, art dealers, real estate and fiduciary companies, lawyers, accountants, and other persons who carry out financial transactions or manage commercial companies on behalf of third parties
  • STR Covered Entities: Banks; financial services firms (which can offer credits and diverse financial services but not deposits); financial houses (which can loan to residents but only receive deposits from non-residents); offshore financial institutions; financial cooperatives; private loan consortia; credit providers; exchange houses; representatives of offshore financial firms; wire companies; companies providing administration, accounting and data processing services; pension funds; insurance companies; stock exchanges; stock brokers; investment advisors; issuers of initial public offers; investment fund managers; financial trusts; professional trust managers; private companies with government’s participation; casinos; real estate brokers, intermediaries, and developers; notaries; auctioneers; dealers in antiques, fine art, and precious metals or stones; FTZ operators and direct users; business dealers; and other persons or companies who carry out financial transactions or administer corporations on behalf of third parties
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 51 (January 2015 – October 2015); Convictions: 7 (January 2015 – July 2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 16 High : 0
Largely Compliant : 23 Substantial : 0
Partially Compliant : 0 Moderate : 11
Non-Compliant : 0 Low : 0
Not-Applicable : 1

BASEL i

Rank : 118/125
Score : 3.58/10

TRANSPARENCY INTERNATIONAL i

Rank : 21/180
Score : 71/100

Tax Justice Network i

Rank : 90/133
Score : 57/100