Costa Rica Advances in Anti-Money Laundering Policies
Progress and Challenges in Implementing AML Requirements
San Jose - Costa Rica has made significant strides in addressing technical compliance issues related to anti-money laundering (AML) policies, according to a recent report. However, the country still needs to work on minor deficiencies in implementing certain requirements.
Upgrades and Improvements
The report concludes the enhanced follow-up of Costa Rica for the Fourth Round of Mutual Evaluations, noting that some recommendations have been upgraded from partially compliant to largely compliant. Specifically:
- Recommendation 17: Fully Compliant
- This recommendation has achieved full compliance, marking a significant improvement in Costa Rica’s AML policies.
- Recommendations 22 and 28: Largely Compliant
- These recommendations were previously non-compliant but have now been rated as largely compliant, indicating progress towards meeting international standards.
Continued Improvement Needed
While Costa Rica has made progress in addressing technical compliance issues, the report emphasizes the need for continued improvement. The country will continue to work on implementing the remaining requirements, with its advances being evaluated during the Fifth Round of Mutual Evaluations.
Importance of Strengthening AML Policies
Experts say that Costa Rica’s efforts to strengthen its AML policies are crucial in maintaining a stable and secure financial system. While some challenges remain, the country’s progress is a positive step towards meeting international standards.
Conclusion
Costa Rica’s commitment to strengthening its AML policies is a significant step forward in ensuring a secure and stable financial system. While minor deficiencies remain, the country’s progress demonstrates a positive trend towards meeting international standards. Continued improvement and implementation of remaining requirements will be crucial in maintaining Costa Rica’s position as a leader in anti-money laundering policies.