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Chile’s Financial Crimes Enforcement Agency Receives Mixed Review from International Oversight Body

The Financial Action Task Force (FATF), an international body that oversees efforts to combat money laundering and terrorist financing, has released a report evaluating Chile’s Financial Crimes Enforcement Agency (FCA). The report provides a mixed review of the agency’s implementation of technical requirements set by the FATF.

Progress Made in Preventing Money Laundering and Terrorist Financing

Chile has made significant progress in implementing measures to prevent money laundering and terrorist financing, including strengthening its laws and regulations related to financial institutions and non-profit organizations. The country’s FCA was also commended for its efforts to improve customer due diligence, record keeping, and reporting of suspicious transactions.

Areas Where Improvement is Needed

However, the report noted that Chile still has work to do in several areas. The agency was criticized for being “partially compliant” with requirements related to:

• Targeted financial sanctions (R.5 and R.6)
• Correspondent banking (R.13)
• Transparency and beneficial ownership of legal persons (R.24)

Additionally, Chile’s FCA was found to be “non-compliant” with requirements related to:

• Relying on third parties (R.9)
• Regulation and supervision of designated non-financial businesses and professions (R.18)

Recommendations for Improvement

The report highlights areas where Chile needs to improve its cooperation with other countries, including in the exchange of information and mutual legal assistance. The country’s FCA was urged to strengthen its efforts to combat money laundering and terrorist financing, particularly in the areas of customer due diligence and reporting of suspicious transactions.

Key Areas Where Chile Received High Marks

Chile received high marks in several areas, including:

• Customer Due Diligence (R.10): Chile’s FCA was found to be “largely compliant” with this requirement, which involves verifying the identity of customers and assessing their risk profile.
• Record Keeping (R.11): The agency was also found to be “largely compliant” with this requirement, which involves maintaining accurate and detailed records of financial transactions.
• Reporting of Suspicious Transactions (R.20): Chile’s FCA was found to be “largely compliant” with this requirement, which involves reporting suspicious transactions to the relevant authorities.

The FATF report provides a roadmap for Chile’s FCA to improve its efforts and ensure that it is compliant with international standards. The full report is available on the FATF website.