Chile Steps Up Efforts to Combat Financing of Terrorism

Strengthening International Standards

Santiago, Chile - In a bid to strengthen its fight against terrorism financing, Chile has made significant strides in implementing international standards set by the Financial Action Task Force (FATF). According to the country’s 2021 Mutual Evaluation Report, Chile has demonstrated improvement in various areas critical to combating terrorist financing.

Key Strengths

• Effective application of a risk-based approach to assess and mitigate money laundering and terrorist financing risks
• Progress in enhancing national cooperation and coordination among financial institutions, law enforcement agencies, and other relevant authorities

Areas for Improvement

• Implementing effective measures to prevent the misuse of shell companies and other opaque legal arrangements
• Ensuring consistent application of customer due diligence measures across all sectors
• Improving timely and effective sharing of financial intelligence among relevant authorities

FATF’s Recommendations

• Strengthen international cooperation, including mutual legal assistance, extradition, and other forms of collaboration to combat terrorist financing
• Continue working with international partners to address challenges and strengthen defenses against terrorist financing

Conclusion

While there is still much work to be done, Chile’s progress in implementing FATF standards demonstrates its commitment to combating the financing of terrorism and protecting its financial system from abuse. The country’s government has committed to continue strengthening its efforts to combat terrorist financing and protect its financial system from abuse.