Combating Money Laundering in Latin America: A New Fund Established
In a significant move to combat money laundering and asset recovery, a new fund has been established to administer seized and forfeited assets in Latin America. This initiative comes as a response to the growing threat of money laundering in the region, where corruption and illicit activities have led to significant financial losses for governments and citizens alike.
The Fund’s Purpose
The fund, partially amended by Law 28009 of 2003, places a greater burden on accused individuals to prove that their assets were acquired through legitimate means. By shifting the focus from the accused individual to the seized asset itself, the fund makes it more difficult for criminals to launder their ill-gotten gains.
Impact and Examples
The impact of money laundering was highlighted by Jorge, who described how Peru recovered large sums deposited in off-shore centers following the arrest of former President Alberto Fujimori’s chief advisor, Vladimiro Montesinos. This complex case involved a web of corruption and illicit activities, including the use of Peruvian landing strips to smuggle cocaine paste into Colombia.
Key Features
The new fund is designed to:
- Place greater emphasis on proving the legitimacy of the asset’s origin
- Make it more difficult for criminals to launder their ill-gotten gains
- Strengthen the region’s financial systems
References
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Título original: Asset and money laundering in Bolivia, Colombia and Peru: a legal transplant in vulnerable environments?
Fuente: Crime Law Soc Change 53, 437–455 (2010). https://doi.org/10.1007/s10611-010-9235-8