Financial Crime World

Costa Rica Makes Progress in Fighting Financial Crime

Costa Rica has made significant strides in addressing technical compliance issues related to financial crime prevention, according to a recent report. However, the country still faces minor deficiencies in implementing certain recommendations.

Progress Made

The report concludes the enhanced follow-up of Costa Rica for the Fourth Round of Mutual Evaluations and reveals that the country has made progress in addressing several key areas. Specifically:

  • Recommendation 17, which previously had a partially compliant rating, is now fully compliant.
  • Recommendations 22 and 28 have improved from partially to largely compliant.

Outstanding Issues

Despite these advancements, there are still some outstanding issues that need to be addressed. The report highlights minor deficiencies in the implementation of certain recommendations, which will be analyzed further during the Fifth Round of Mutual Evaluations.

Government Commitment

The Costa Rican government has committed to continuing its efforts to improve technical compliance with financial crime prevention regulations. The country’s progress will be closely monitored and evaluated over the coming months, with a view to achieving full compliance with international standards.

New Measures Announced

In related news, Costa Rica’s Financial Intelligence Unit (FIU) has announced plans to introduce new measures aimed at strengthening its capacity to detect and prevent financial crimes. The move is seen as a key step in the country’s efforts to improve its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

Public Awareness Campaign

The government has also launched a public awareness campaign aimed at educating citizens about the risks associated with financial crime and the importance of reporting suspicious transactions. The campaign, which is being implemented in partnership with local banks and other financial institutions, is seen as an important step in building greater trust and cooperation between the financial sector and law enforcement agencies.

Conclusion

While Costa Rica still faces some challenges in its efforts to prevent financial crime, the country’s progress over the past year has been encouraging. With continued commitment and investment in anti-money laundering and combating the financing of terrorism measures, Costa Rica is well positioned to achieve full compliance with international standards in the coming years.