Costa Rica Makes Progress in Financial Crime Prevention, But Minor Deficiencies Remain

A recent report has revealed that Costa Rica is continuing to make significant strides in addressing technical compliance issues related to financial crime prevention. However, despite this progress, minor deficiencies remain in the implementation of certain requirements.

Progress Made

According to the report, Recommendation 17, which previously scored partially compliant, has been upgraded to fully compliant. Similarly, Recommendation 22, which was also partially compliant, has now achieved largely compliant status. Additionally, Recommendation 28, which had not met compliance standards, has made significant progress and is now largely compliant.

Outlook for Future Evaluations

The report concludes the enhanced follow-up of Costa Rica for the fourth round of mutual evaluations, as per approved procedures and in line with GAFILAT’s roadmap for preparing the fifth round of mutual evaluations. The country will be closely monitored to ensure continued improvement in its technical compliance with previously rated partially compliant or non-compliant recommendations.

Commitment to Prevention

As the financial sector continues to evolve, Costa Rica is committed to staying ahead of the curve in preventing financial crimes and protecting its citizens’ assets. With ongoing efforts to address minor deficiencies, the country is poised for further success in this critical area.

Key Takeaways

• Recommendation 17 has been upgraded from partially compliant to fully compliant
• Recommendation 22 has achieved largely compliant status
• Recommendation 28 has made significant progress and is now largely compliant
• Costa Rica will be closely monitored to ensure continued improvement in technical compliance
• The country remains committed to preventing financial crimes and protecting citizens’ assets