El Salvador Takes Steps to Combat Money Laundering and Terrorism Funding
San Salvador, El Salvador - The Prosecutor General’s Office of the Republic of El Salvador, in collaboration with the Financial Investigations Unit and international organizations such as the World Bank and the Caribbean Financial Action Task Force (CFATF), recently conducted a National Risk Assessment Workshop to combat money laundering and terrorist financing.
National Risk Assessment Workshop
The workshop was held from June 9-11 and brought together a multidisciplinary team of experts from government agencies and private institutions to assess the risks associated with money laundering and terrorist financing in El Salvador. The team included representatives from various entities, including:
- Office of the Attorney General
- Specialized Financial Investigations Unit
- Supreme Court
- Stock Exchange
- Financial Institutions
Workshop Objectives
During the three-day workshop, participants shared their views and exchanged ideas on the risks and vulnerabilities affecting El Salvador’s financial system. They also defined action plans for:
- Collecting information
- Tracking projects
- Completing the National Risk Assessment
CFATF Praises El Salvador’s Progress
The CFATF praised El Salvador’s progress in combating money laundering and terrorist financing and commended the authorities for conducting the workshop. The organization encouraged continued efforts to prevent these illicit activities.
El Salvador’s Commitment to Combat Money Laundering and Terrorism Funding
El Salvador has shown a strong commitment to implementing laws and regulations aimed at preventing money laundering and terrorist financing, as well as monitoring internal controls of financial institutions. The National Risk Assessment is an essential step in this process, allowing El Salvador to identify and mitigate risks associated with these illegal activities.
Next Steps
The workshop marks the first stage of the National Risk Assessment process, which aims to help El Salvador self-assess its vulnerabilities to money laundering and terrorist financing. The assessment will provide a comprehensive understanding of the risks faced by the country’s financial system and inform strategies for mitigating them.
Conclusion
The success of this workshop demonstrates El Salvador’s commitment to combating money laundering and terrorist financing, as well as its willingness to work with international organizations to achieve this goal.