Costa Rica Rejoins Global Network of Financial Intelligence Units
The Costa Rican government has announced its decision to rejoin the Egmont Group of Financial Intelligence Units (FIUs), a global network of national FIUs that work together to prevent money laundering and terrorist financing.
Background on the Egmont Group
The Egmont Group is a forum for FIUs to share information and best practices in the fight against money laundering and terrorist financing. Its members include over 80 countries from around the world, as well as several international organizations such as the European Commission and the International Monetary Fund.
Costa Rica’s Return to Membership
Costa Rica was suspended from membership in 2015 due to concerns about its lack of progress in implementing anti-money laundering regulations. However, after a period of review and reform, the country has now met the necessary standards and is set to rejoin the group.
Benefits of Rejoining the Egmont Group
- Access to technical assistance and support from other countries and international organizations
- Training for officials on anti-money laundering laws and regulations
- Development of a national risk assessment to identify areas where Costa Rica’s financial system is most vulnerable to money laundering and terrorist financing
- Participation in regional and global efforts to combat money laundering and terrorist financing
Welcoming Statement from the Egmont Group
In a statement, the head of the Egmont Group, Elżbieta Franków-Jaśkiewicz, welcomed Costa Rica’s return to membership. “We are pleased to welcome Costa Rica back into the Egmont Group,” she said. “This is an important step in our efforts to combat money laundering and terrorist financing around the world.”
US Treasury Department Definition of a Financial Intelligence Unit
The US Treasury Department defines a financial intelligence unit as a central, national agency responsible for receiving and analyzing disclosures of financial information related to suspected proceeds of crime or potential financing of terrorism.
Costa Rica’s Commitment to Strengthening its Anti-Money Laundering Regime
The Costa Rican government has said that it is committed to working closely with the Egmont Group to strengthen its anti-money laundering regime and prevent financial crimes. The country’s return to membership is seen as a positive step in this effort, and it is likely to be welcomed by other countries and international organizations in the region.