Financial Crime World

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Costa Rica Takes Action to Strengthen Anti-Money Laundering and Terrorist Financing Measures

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As part of its commitment to combating financial crime, Costa Rica has launched an inter-institutional action plan to evaluate its anti-money laundering system and prevent terrorist financing. The initiative will run for approximately eight months starting September 2, aiming to strengthen the country’s financial defenses in accordance with international standards set by the Financial Action Task Force (FATF).

Strengthening Financial Defenses

The government has announced that a representative group of the private sector, including:

  • Financial institutions
  • Casinos
  • Lawyers
  • Notaries
  • Real estate agencies
  • Other sectors

will be involved in the process. The FATF, an intergovernmental organization founded in 1989 to combat money laundering and terrorist financing, has identified several deficiencies in Costa Rica’s system that need to be addressed.

Collaboration and Technical Assistance

The Financial Intelligence Unit of the Instituto Costarricense sobre Drogas (ICD) is coordinating the compliance and coordination process with institutions linked under a technical assistance modality, supported by the Inter-American Development Bank. The ICD will work closely with:

  • Banco Central de Costa Rica (Central Bank)
  • National Financial System Supervision Council (CONASSIF)
  • General Superintendence of Financial Entities (SUGEF)
  • Ministerio Publico

to address these deficiencies.

Progress and Goals

According to Guillermo Araya, Director of the ICD, significant progress has been made in improving 18 FATF recommendations to date. The government is confident that this inter-institutional action plan will help focus scarce resources more efficiently and effectively prevent financial crimes.