Colombia: Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, November 15, 2018
Source details
- Canonical URL
- Colombia: Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
Other formats
Bibliographic details
- Published: November 15, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484384510.002
Executive summary
- Colombia has a reasonable understanding of its main domestic money laundering/terrorist financing (ML/TF) risks.
- The country’s understanding of risks relies particularly on the results of the 2013 and 2016 National Risk Assessments (NRAs).
- The 2016 NRA has yielded reasonable findings with respect to the identification of the main ML threats and vulnerabilities.
- The AML/CFT supervisory systems and tools are not entirely in line with the risk-based approach (RBA), and there are significant gaps in the supervision of designated non-financial businesses and professions (DNFBPs).
- Colombia investigates and prosecutes ML effectively, but not in a manner that is commensurate with its ML risks.
Findings on National Risk Assessments (NRAs)
- Reliance on two NRAs: 2013 NRA and 2016 NRA.
- 2016 NRA: yielded reasonable findings regarding identification of main ML threats and vulnerabilities.
AML/CFT supervisory framework
- Supervisory systems and tools: not entirely in line with the risk-based approach (RBA).
- Supervision gaps: significant gaps in supervision of designated non-financial businesses and professions (DNFBPs).
Investigations and prosecutions
- Colombia investigates and prosecutes money laundering (ML) effectively.
- However, investigative and prosecutorial efforts are not commensurate with Colombia’s ML risks.
Subject areas and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Drug trafficking, Legal support in revenue administration, Proliferation financing, Revenue administration
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), asset forfeiture proceeding, CFT obligation, CFT policy, CFT regime, CFT supervision, CR, Drug trafficking, ISCR, Legal support in revenue administration, ML investigation, Proliferation financing, TF factor, TF offense, TF risk, TF threat
Content in this bundle
- Country Report