Financial Crime World

Colombia’s Ongoing Struggle with Financial Crime Trends

The Cost of Violence: A Growing Concern

Despite significant investment in public expenditure on security and order, Colombia continues to grapple with the consequences of financial crime. The cost of violence has ballooned to a staggering $274 billion in 2023 - nearly double what it was in 2015.

Homicide Rates Fluctuate, But Violence Persists

  • Colombia ranked third in South America with the highest homicide rate in 2023.
  • The homicide rate decreased for the second year in a row to approximately 25.7 cases per every 100,000 inhabitants, resulting in over 13,500 deaths.
  • This figure remains among the worst globally, but shows improvement from past decades marked by high levels of violence.

The Proliferation of Illegal Firearms

  • Almost 77% of homicides were committed using guns.
  • The country’s troubled history of armed conflicts and organized crime has contributed to this situation.

Femicide: A Growing Concern

Femicide, the killing of women or girls due to their gender, was not recognized as a crime in Colombia until 2015. Eight years later, there were 525 reported victims of femicide, with Antioquia, Bogota, and Valle del Cauca being the departments with the highest number of cases.

Targeted Interventions Needed

  • In most Colombian cases, the perpetrator is someone known to the victim, often a current or former partner.
  • This trend highlights the need for targeted interventions to address domestic violence and prevent femicides.

The War on Cocaine Continues

Colombia’s cocaine trade remains a lucrative business, with one kilogram of coca paste base worth an estimated 2.8 billion Colombian pesos (around $588 USD) in the Catatumbo region.

Eradication Efforts Overshadowed by Scale of Problem

  • Despite government efforts to eradicate illicit cultivation, it is estimated that around 204,000 hectares of national territory were used for coca production in 2022.
  • The government announced the seizure of approximately 88,600 metric tons of coca paste and 783 metric tons of cocaine in 2021.