Bolivia’s Anti-Money Laundering Laws Face Scrutiny Nine Years After Initial Implementation

A Long-Awaited Evaluation: Assessing Bolivia’s Progress

After nine years of implementing anti-money laundering laws, Bolivia is set to undergo a long-anticipated evaluation. The Financial Action Task Force of Latin America (GAFILAT) is leading the assessment, marking the country’s fourth round of Mutual Evaluation.

Preparation for the Assessment

To prepare senior management for the evaluation, the Association of Private Banks of Bolivia (ASOBAN) hosted a master conference featuring international expert Alejandra Quevedo. As a consultant on financial integrity for the World Bank and other organizations, Quevedo outlined the key concepts, procedures, and methodology used in each mutual evaluation.

Understanding Mutual Evaluations

Quevedo explained that these evaluations are conducted among peers, with GAFILAT member countries providing expert evaluators who assess the risks of money laundering (ML) and financing of terrorism (FT) within a country’s unique context. The evaluations focus on technical compliance, examining whether Bolivia’s national legal system is adequate to international standards for combating ML, FT, and proliferation financing (PF), established by GAFI.

Key Aspects of the Mutual Evaluation

• Technical Compliance: The assessment examines whether Bolivia’s national legal system is adequate to international standards for combating ML, FT, and PF.
• Institutional Apparatus: The evaluation evaluates the institutional apparatus required to implement these measures, providing a comprehensive picture of the country’s progress in combating financial crimes.

By conducting this thorough assessment, Bolivia can identify areas for improvement and strengthen its anti-money laundering laws to ensure a safer and more stable financial system.