Costa Rica Makes Progress in Financial Crime Reporting Guidelines

San Jose, Costa Rica - A Significant Step Forward

In a significant move hailed by financial experts, Costa Rica has made substantial progress in addressing technical compliance issues related to its Money Laundering Reporting System (MER). This development is a result of the country’s efforts to improve its financial crime reporting guidelines.

Key Improvements and Upgrades

The recent report highlights several key areas where Costa Rica has successfully implemented improvements:

• Recommendation 17: Fully Compliant
  • Initially rated as partially compliant, Recommendation 17 has been upgraded to fully compliant.
• Recommendation 22: Largely Compliant
  • Previously rated as partially compliant, Recommendation 22 has been re-rated as largely compliant.
• Recommendation 28: Largely Compliant
  • Moving from non-compliant to largely compliant, Costa Rica has shown significant progress in addressing technical compliance issues.

Enhanced Follow-up and Roadmap for Progress

The report marks the conclusion of Costa Rica’s enhanced follow-up for the Fourth Round of Mutual Evaluations. This process was conducted in accordance with approved procedures and aligned with GAFILAT’s roadmap for preparing the Fifth Round of Mutual Evaluations.

Future Assessments and Ongoing Progress

Any progress made by Costa Rica to improve technical compliance with outstanding recommendations will be assessed as part of the Fifth Round Mutual Evaluation. This ongoing evaluation process is expected to further strengthen financial crime reporting guidelines in Costa Rica, leading to a more secure and transparent financial system.