Financial Crime World

Progress in Combating Financial Crime: Costa Rica Takes Steps Forward

Costa Rica Demonstrates Notable Progress in Implementing Global Anti-Money Laundering Standards

San José, Costa Rica - In a significant development, Costa Rica has made notable progress in implementing new requirements related to global standards for combating money laundering and terrorist financing. Recent assessments indicate that the country has effectively addressed technical compliance deficiencies identified in its 2015 Mutual Evaluation Report.

Upgrades in AML/CFT Compliance

Costa Rica’s efforts have led to re-ratings in two key areas:

Customer Due Diligence (Recommendation 23)

  • Upgrade from Partially Compliant to Largely Compliant: Costa Rica has demonstrated significant improvement in ensuring that financial institutions and other relevant entities conduct adequate customer due diligence.
  • Benefits: Enhanced ability to detect and prevent suspicious transactions, reduced risk of money laundering and terrorist financing.

Freezing and Confiscation of Proceeds of Crime (Recommendation 29)

  • Upgrade from Partially Compliant to Compliant: Costa Rica has shown a marked improvement in its ability to freeze and confiscate proceeds of crime, ensuring that assets are not used for illicit purposes.
  • Benefits: Strengthened law enforcement capabilities, increased effectiveness in dismantling organized crime networks.

Continued International Oversight and Reporting

While this progress is a step in the right direction, Costa Rica will continue to be under enhanced follow-up by international authorities to ensure that its anti-money laundering and combating the financing of terrorism (AML/CFT) measures remain robust. The country will also continue to report to GAFILAT, the Financial Action Task Force’s regional affiliate for Latin America, on its progress in strengthening these essential safeguards.

Conclusion

Costa Rica’s efforts are a testament to its commitment to preventing financial crime and ensuring a safe and stable financial environment for both citizens and foreign investors. By continuing to strengthen its AML/CFT measures, Costa Rica will remain a reliable partner in the global fight against financial crime.