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Honduras Moves to Combat Money Laundering and Terrorist Financing
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Tegucigalpa, Honduras - According to a recent report by the World Bank, the government of Honduras has taken significant steps to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework.
Progress in Implementing AML/CFT Framework
The report, titled “Mutual Evaluation Report: Anti-Money Laundering and Combating the Financing of Terrorism (ALDCFT)”, highlights Honduras’ progress in implementing the Financial Action Task Force (FATF) Recommendations and the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances.
Key Improvements
Honduras has made significant improvements in its legal framework, including:
- Establishment of a new AML/CFT authority, the Honduran Financial Intelligence Unit (UIF)
- Strengthened customer due diligence requirements
- Enhanced reporting obligations
- Increased cooperation with international partners
- Measures to prevent the use of shell companies and trusts for illicit purposes
Areas for Improvement
However, the report notes that there are still areas where Honduras needs to improve:
- Increasing transparency in the beneficial ownership of companies
- Strengthening the effectiveness of its financial intelligence unit
- Enhancing international cooperation
Recommendations
The World Bank recommends that Honduras continue to prioritize AML/CFT efforts, including:
- Implementing a comprehensive plan to prevent money laundering and terrorist financing
- Enhancing public awareness campaigns to educate citizens about the risks associated with these crimes
Quotes
“The Honduran government’s commitment to combating money laundering and terrorist financing is commendable,” said [Name], World Bank Country Director for Honduras. “However, there is still much work to be done to ensure that Honduras’ AML/CFT framework is effective in preventing and detecting financial crimes.”
About the Report
The report was prepared by a team of international experts led by the World Bank, with the support of the European Union, the United States Department of the Treasury, and other partners.
Contact Information
For more information, please contact:
[Name] World Bank [Tel: [phone number]] [Email: [email address]]
About the World Bank
The World Bank is an international financial institution that provides loans, advice, and research to developing countries. Its mission is to reduce poverty and improve living standards by promoting economic growth and development.
Note: This article was written based on a public domain report from the World Bank. The World Bank’s reports are subject to copyright and may not be reproduced or distributed without permission.