Financial Crime World

Bolivia Set for Anti-Money Laundering Evaluation Amid Growing Concerns

The Financial Action Task Force of Latin America (GAFILAT) is set to evaluate Bolivia’s compliance with anti-money laundering regulations in a fourth round of Mutual Evaluation, marking nine years since the country was first assessed. The evaluation will scrutinize Bolivia’s progress in implementing and complying with the 40 GAFI Recommendations aimed at combating money laundering and financing of terrorism.

Preparation for the Evaluation

In preparation for the evaluation, the Association of Private Banks of Bolivia (ASOBAN) recently organized a master conference for senior management, titled “The Role of Executives and Senior Management in the Framework of the Preparation for the 4th Round of Mutual Evaluation - GAFILAT.” The keynote address was delivered by Alejandra Quevedo, an international expert and consultant on financial integrity with the World Bank and other organizations.

Key Takeaways from the Conference

  • Mutual evaluations are peer-based assessments where member countries of GAFILAT provide expert evaluators who assess risks related to money laundering and financing of terrorism.
  • The starting point for these evaluations is the country’s risk profile and context.
  • The assessment focuses on technical compliance, examining whether Bolivia’s national legal system is adequate to international standards on combating money laundering, financing of terrorism, and proliferation financing.

Growing Concerns over Financial Misuse

The upcoming evaluation comes amid growing concerns over the potential misuse of financial systems in Bolivia. Experts warn that inadequate implementation of anti-money laundering measures could have far-reaching consequences for the country’s economy and reputation.

Success Depends on Commitment to Anti-Money Laundering Measures

The success of this evaluation will depend on Bolivia’s ability to demonstrate its commitment to combating money laundering and financing of terrorism, as well as its willingness to implement reforms to strengthen its anti-money laundering regime.