Costa Rica to Strengthen Anti-Money Laundering and Terrorist Financing Efforts with Inter-Institutional Action Plan
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Costa Rica has announced an inter-institutional action plan to evaluate its anti-money laundering system and combat terrorist financing in 2020. This move is aimed at complying with international standards issued by the Financial Action Task Force (FATF).
Strengthening Anti-Money Laundering Efforts
To strengthen its anti-money laundering efforts, Costa Rica will:
- Evaluate its anti-money laundering system
- Combat terrorist financing
- Address deficiencies identified in its Mutual Evaluation Report by the international organization
The Financial Intelligence Unit of the Instituto Costarricense sobre Drogas (ICD) will coordinate the compliance and coordination process with participating institutions under the modality of technical assistance, supported by the Inter-American Development Bank (IDB).
Key Agencies Involved
The following key agencies will be involved in the process:
- Financial Intelligence Unit of the Instituto Costarricense sobre Drogas (ICD)
- Banco Central de Costa Rica (Central Bank)
- National Financial System Supervision Council (CONASSIF)
- General Superintendence of Financial Entities (SUGEF)
- Ministerio Publico, particularly the Fiscalía Adjunta contra la Legitimación de Capitales
Private Sector Stakeholders
A representative group of private sector stakeholders from various sectors will be involved in the process, including:
- Financial institutions
- Casinos
- Lawyers
- Notaries
- Real estate agencies
- Other relevant sectors
Progress Achieved
According to Guillermo Araya, Director of the ICD, Costa Rica has already achieved improvements in 18 FATF recommendations. The government emphasizes that the work will involve a representative group of private sector stakeholders from various sectors.
The 8-month process is set to begin on September 2 and aims to strengthen Costa Rica’s anti-money laundering and terrorist financing efforts to comply with international standards.