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Costa Rica Steps Up Efforts to Combat Financial Crime, Report Reveals

According to a latest follow-up report, Costa Rica has demonstrated significant progress in implementing measures to prevent financial crime, meeting international standards set by the Financial Action Task Force (FATF).

Key Areas of Improvement

The report highlights several key areas where Costa Rica has made substantial improvements:

• Risk-Based Approach: The country has implemented a risk-based approach to assessing money laundering and terrorist financing threats.
• National Cooperation and Coordination: All relevant authorities are working together to combat financial crime, strengthening national cooperation and coordination efforts.
• Effective Laws and Regulations: Costa Rica has established effective laws and regulations to prevent and prosecute money laundering, as well as implementing targeted financial sanctions related to terrorism and proliferation.

Areas for Improvement

While Costa Rica has made progress in several areas, there are still some gaps that need to be addressed:

• Non-Profit Organizations: While the country has implemented customer due diligence requirements for financial institutions, there are still gaps in its efforts to regulate and supervise non-profit organizations.
• Transparency and Beneficial Ownership: Costa Rica needs to improve its transparency and beneficial ownership of legal persons and arrangements.
• Regulation and Supervision of High-Risk Countries: The country also needs to improve its regulation and supervision of high-risk countries.

Conclusion

Despite these areas for improvement, the report concludes that Costa Rica has made significant progress in implementing the FATF Recommendations and is largely compliant with international standards.