Financial Crime World

Costa Rica Makes Strides in AML/CFT Efforts, Minor Deficiencies Remain: Report

Costa Rica has made significant progress in addressing technical compliance issues related to anti-money laundering (AML) and combating the financing of terrorism (CFT), according to a recent report from GAFILAT. While minor deficiencies still remain, the country’s efforts to strengthen its AML/CFT framework have yielded notable improvements.

Recommendations Upgraded

Several recommendations have been upgraded from partially compliant to compliant or largely compliant, reflecting Costa Rica’s commitment to improving its AML/CFT regime. Notable upgrades include:

  • Recommendation 17: Previously rated partially compliant, this recommendation has now been upgraded to compliant.
  • Recommendation 22 and 28: These previously non-compliant recommendations are now largely compliant.

These upgrades demonstrate Costa Rica’s efforts to implement more effective measures to prevent money laundering and terrorist financing.

Minor Deficiencies Remain

While the report highlights progress made by Costa Rica, it also notes that minor deficiencies still exist in the implementation of certain recommendations. GAFILAT will continue to monitor the country’s progress and analyze any subsequent advances made towards improving technical compliance with the remaining partially compliant or non-compliant recommendations during its next round of mutual evaluations.

Conclusion

The report concludes that Costa Rica has made significant strides in addressing AML/CFT issues, but there is still room for improvement. The country’s commitment to strengthening its AML/CFT framework and implementing effective measures to prevent money laundering and terrorist financing is crucial in maintaining a robust financial system and protecting the integrity of the global economy.

Key Takeaways

  • Costa Rica has made significant progress in improving its AML/CFT framework.
  • Several recommendations have been upgraded from partially compliant to compliant or largely compliant.
  • Minor deficiencies still exist in the implementation of certain recommendations.
  • GAFILAT will continue to monitor Costa Rica’s progress and analyze subsequent advances towards improving technical compliance.