Financial Crime World

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Bolivia Falls Short in Compliance with Anti-Money Laundering Regulations

A recent report has highlighted Bolivia’s lack of compliance with anti-money laundering regulations, raising concerns about the country’s efforts to combat financial crime.

Overview of the Report

According to the report, Bolivia received a rating of “partially compliant” for 14 out of 40 Recommendations made by the Financial Action Task Force (FATF), while falling short in areas such as non-profit organizations and new technologies. Only three recommendations were deemed fully compliant, with 23 receiving a rating of “largely compliant”.

Progress Made

The report noted that Bolivia has made progress in implementing certain technical requirements, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing

However, the country still needs to strengthen its regulations and supervision of financial institutions, as well as improve its powers of supervisors.

Areas for Improvement

The report highlighted areas where Bolivia is non-compliant, including:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Mutual legal assistance

Recommendations for Improvement

To improve its compliance with anti-money laundering regulations, the report provided several recommendations for Bolivia, including:

  • Strengthening regulation and supervision of financial institutions
  • Improving powers of supervisors
  • Enhancing transparency and beneficial ownership of legal persons and arrangements
  • Regulating and supervising DNFBPs more effectively
  • Providing guidance and feedback to financial institutions

Conclusion

Bolivia’s compliance with anti-money laundering regulations will be closely monitored by international bodies in the coming years, and it is essential that the country takes immediate action to address these shortcomings.