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
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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.
Series:
Country Report No. 2018/315
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Drug trafficking Legal support in revenue administration Proliferation financing Revenue administration
English
Publication Date:
November 15, 2018
ISBN/ISSN:
9781484384510/1934-7685
Stock No:
1COLEA2018007
Pages:
12
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