Financial Crime Investigation Techniques in El Salvador: Experts Meet to Combat Money Laundering
Strengthening the Fight Against Financial Crimes
El Salvador has hosted a meeting of the Caribbean Financial Action Task Force (CFATF), an entity that monitors anti-money laundering actions in 27 Central American and Caribbean States. The gathering aimed at evaluating strategies for implementing 40 recommendations to combat money laundering.
Reviewing Progress and Identifying Areas for Improvement
During the meeting, representatives from CFATF reviewed El Salvador’s progress in preventing financial crimes and identified areas that require improvement. The Attorney General of El Salvador, Romeo Barahona, urged lawmakers to amend laws against acts of terrorism and money laundering, as well as create a law governing the sending of remittances and financial transfers.
National Risk Assessment Workshop
El Salvador has received 423 reports of suspicious banking transactions, highlighting the need for effective anti-money laundering measures. To address this issue, the country’s Financial Investigations Unit, supported by the World Bank and CFATF, conducted a National Risk Assessment Workshop to help El Salvador assess its risks of money laundering and financing of terrorism.
Training Prosecutors
Experts from the CFATF also trained prosecutors on:
- Cash flow management with foreign countries
- Cross-border cash
- Prevention of money laundering
The training aimed at equipping professionals with skills to combat financial crimes.
Recognition and Encouragement
El Salvador’s efforts to combat financial crimes have been recognized by CFATF, which congratulated the country for carrying out the National Risk Assessment Workshop. The organization encourages El Salvador to continue its efforts in preventing money laundering and financing of terrorism.
Progress Monitoring and Chairmanship
The meeting also reviewed the progress made by El Salvador during the third round follow-up process and monitored the country’s compliance with CFATF recommendations. El Salvador has assumed the chairmanship of CFATF, along with Trinidad and Tobago, which will lead the organization for the next two years.
Collective Efforts Required
Experts agree that combating financial crimes requires collective efforts both domestically and internationally. El Salvador’s commitment to fighting money laundering and financing of terrorism is a step in the right direction towards ensuring the country’s economic stability and security.