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Financial Crimes Rampant in Costa Rica: $4.2 Billion Laundered Annually

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A staggering $4.2 billion is laundered through Costa Rican financial institutions every year, according to Mariano Figueres, head of the country’s intelligence agency, DIS. The high degree of financial openness and growing role in the regional drug trade have created a perfect storm for money laundering.

Money Laundering: A Prevalent Crime

The crime is so prevalent that “everyone in Costa Rica sees money laundering every day and in different forms,” Figueres warned. Much of the laundered cash flows through the country’s emerging construction industry, where criminal organizations invest in real estate or construction projects to legitimize their illicit profits.

Targeted Industries

Financial institutions, casinos, and currency exchange houses are also exploited by money launderers seeking to conceal illegal income. Costa Rica’s position as a transshipment point for drug trafficking between South America and the United States adds to the threat, with illegal funds pouring back into the country.

Ideal Environment for Money Laundering

Experts say that Costa Rica’s relatively open financial system, abundant cash in the tourist sector, and profits from the growing drug trade create an ideal environment for money laundering. InSight Crime analysis revealed that most money laundering in Costa Rica is connected to criminal organizations and the drug trade, as well as arms and human trafficking activities.

A Notable Example

A notable example of Costa Rica’s lax regulations was the 2013 shutdown of Liberty Reserve, a $6 billion online currency exchange deemed the “bank of choice for the criminal underworld.” The operation remained active due to Costa Rica’s lack of strict regulations for online businesses.