Paraguay: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

IMF Staff Country Reports, July 31, 2009

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Paraguay: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

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Bibliographic details

• Published: July 31, 2009
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451832594.002

Executive summary

• Assessment covers observance of Financial Action Task Force (FATF) recommendations for anti-money laundering and combating the financing of terrorism (AML/CFT) for Paraguay.
• The assessment finds that substantial U.S. dollar contraband trade on borders with Argentina and Brazil facilitates money laundering in Paraguay.
• Achievements in implementing Paraguay’s AML framework remain modest since the criminalization of the money laundering offence in 1996.
• The level of implementation and compliance with respect to the FATF recommendations is low in the financial sector.

Key findings

• Cross-border contraband trade denominated in U.S. dollars on borders with Argentina and Brazil acts as a facilitator for money laundering.
• The money laundering offence was criminalized in 1996, but subsequent implementation of the AML framework has been limited.
• Financial sector compliance with FATF recommendations is characterized as low.

Subject areas and keywords

• Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
• Keywords: AML law, AML Law, AML regime, AML regulation, Anti-Money Laundering, Anti-money laundering and combating the financing of terrorism (AML/CFT), CR, due diligence, financial institution, government, ISCR, Legal support in revenue administration, Middle East, ML offense, Money laundering, offense, Paraguay, South America, Terrorism financing, TF offence

Content in this bundle

• This Report on the Observance of Standards and Codes for the FATF 40 Recommendations
  • This Report on the Observance of Standards and Codes for the FATF 40 Recommendations (Markdown version)
  • This Report on the Observance of Standards and Codes for the FATF 40 Recommendations (PDF)