Bolivia’s Compliance with International Anti-Money Laundering and Counter-Terrorist Financing Standards

Banking Secrecy and International Cooperation

In Bolivia, banking secrecy is not applicable when investigating crimes. The country cooperates internationally through the Ministry of Foreign Affairs and Worship, which transmits requests from foreign authorities and obtains judicial authorization for their execution.

• Banking Secrecy: Bolivian law provides that banking secrecy is not applicable in cases where the information required is necessary for the investigation of crimes.
• International Cooperation: Bolivia cooperates internationally through the Ministry of Foreign Affairs and Worship, which transmits requests from foreign authorities and obtains judicial authorization for their execution.

Extradition and Terrorism

Extradition for money laundering offenses is restricted in Bolivia due to a lack of specific international treaties or agreements. The Penal Code establishes that no person subject to Bolivian jurisdiction may be extradited unless an international treaty or reciprocity agreement specifies otherwise.

• Extradition: Extradition for money laundering offenses is restricted in Bolivia due to a lack of specific international treaties or agreements.
• Terrorism: Terrorism is a criminal offense punishable by imprisonment from fifteen to twenty years, and it requires dual criminality for extradition.

Confiscation of Goods and Financing of Terrorism

There is no specific provision in the Bolivian legal context for sharing confiscated goods with other countries. Bolivia has signed the International Convention for the Suppression of the Financing of Terrorism, which requires countries to adopt measures to identify, detect, secure, confiscate, or seize funds used or allocated for terrorist purposes.

• Confiscation of Goods: There is no specific provision in the Bolivian legal context for sharing confiscated goods with other countries.
• Financing of Terrorism: Bolivia has signed the International Convention for the Suppression of the Financing of Terrorism, which requires countries to adopt measures to identify, detect, secure, confiscate, or seize funds used or allocated for terrorist purposes.

Areas for Improvement

The report highlights areas where Bolivia’s legislation and practices need improvement in order to fully comply with international AML/CTF standards.