Financial Crime Prevention Strategies Take Center Stage in Costa Rica

In an effort to combat increasingly sophisticated money laundering and terrorism financing schemes, authorities in Costa Rica have joined forces with regional financial institutions to develop effective prevention strategies.

Seminar Brings Together Experts from Various Sectors

The Central American Bank for Economic Integration (CABEI) hosted a seminar in collaboration with the Costa Rican Institute on Drugs (ICD), bringing together experts from various sectors to share knowledge and best practices. The two-day event, which took place on August 10-11, aimed to strengthen the region’s ability to combat financial crime.

Keynote Presentation Highlights International Standards for Risk Management

Representatives from the Public Ministry, Judicial Investigation Organization, ICD, and local financial institutions attended the seminar. A keynote presentation by Guatemalan expert Ricardo Vélez Lara emphasized the importance of implementing international standards for risk management in preventing financial crimes.

Costa Rica’s Efforts to Combat Financial Crime

According to CABEI Director for Costa Rica Dr. Alberto Cortés, the bank is committed to promoting a culture of preventive vigilance among all sectors to prevent illicit activities from undermining the legitimacy of political systems and democracies. “We must make every effort to ensure that our societies are not affected by these scourges,” he emphasized.

CABEI Integrity and Compliance Official Nestor Chavez highlighted Costa Rica’s efforts to combat money laundering and terrorism financing, citing recent legislation, improved regulations on professional non-banking activities, and increased focus on the final beneficiary of financial transactions.

Staying Ahead of Sophisticated Criminal Organizations

The bank’s Country Manager for Costa Rica, Mauricio Chacón, acknowledged that authorities face a sophisticated adversary. “We must continue to analyze and learn from the best practices in other countries to stay ahead of these criminal organizations,” he said.

Conclusion

In conclusion, the seminar brought together experts from various sectors to share knowledge and best practices in preventing financial crimes. Costa Rica’s efforts to combat money laundering and terrorism financing are a crucial step towards promoting a culture of preventive vigilance and ensuring that its society is not affected by these scourges.