AML

Costa Rica; The Money Laundering Capital of the World

Costa Rica is failing to effectively enforce the rules, resulting in a moderate level of prevention in combating money laundering and terrorist financing says the report by the Financial Action Task Force Latin America (Gafilat).

During the last two days, the I Congreso de Prevención de Lavado de Activos y Financiamiento al Terrorismo (First Congress on the Prevention of Money Laundering and Financing of Terrorism), organized by the Asociación Bancaria Costarricense (ABC) – Costa Rican Banking Association, took place in San Jose.

The ABC’s aim to regulate and strengthen monitoring systems in the country.

“Aware of the vulnerability of the Central American region we are looking at strengthening of the monitoring systems through predictive modeling and data mining so that financial institutions to anticipate unusual or suspicious activities,” Daniel Bañados, chairman of the organizing committee, told ACAN/EFE.