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Chile Strives to Meet International Standards on Anti-Money Laundering and Countering the Financing of Terrorism

In a bid to strengthen its financial system, Chile has made significant progress in implementing the recommendations of the Financial Action Task Force (FATF), an intergovernmental organization that sets global standards for anti-money laundering (AML) and combating the financing of terrorism (CFT).

Risk Assessment and National Cooperation

Chile was found to be “largely compliant” (LC) in its risk assessment and national cooperation efforts. This reflects the country’s ability to identify and mitigate money laundering and terrorist financing risks through effective coordination among its law enforcement, financial intelligence units, and regulatory bodies.

Money Laundering Offense and Confiscation

Chile was also found to be “largely compliant” (LC) in its implementation of laws related to money laundering offenses and confiscation. The country has criminalized money laundering and introduced measures to freeze and seize assets linked to illicit activities.

Terrorist Financing Offenses and Sanctions

Chile demonstrated a stronger commitment to combating terrorist financing, being found “partially compliant” (PC) in its implementation of laws related to terrorist financing offenses and targeted financial sanctions. The country has criminalized the financing of terrorism and introduced measures to freeze and seize assets linked to terrorist organizations.

Customer Due Diligence and Record Keeping

Chile was found to be “largely compliant” (LC) in its customer due diligence requirements, ensuring that financial institutions properly identify and verify customers. The country also implemented effective record-keeping measures, allowing authorities to track transactions and monitor suspicious activities.

The FATF Mutual Evaluation highlights Chile’s progress in implementing AML/CFT measures, but also identifies areas for improvement. The country is encouraged to strengthen its regulation and supervision of non-profit organizations and higher-risk countries, as well as enhance its transparency and beneficial ownership requirements for legal persons and arrangements.

By continuing to implement the FATF Recommendations, Chile demonstrates its commitment to preventing money laundering and terrorist financing, which will help maintain financial stability and integrity in the country.