Financial Crime World

Financial Crime Prevention Methods in Costa Rica Take Center Stage

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San José, August 11, 2017 - The fight against money laundering and terrorism financing has reached a fever pitch in Costa Rica. As criminal organizations evolve their tactics to evade detection, authorities are working tirelessly to stay ahead of the curve.

Combating Money Laundering and Terrorism Financing

In an effort to bolster the country’s defenses, the Central American Bank for Economic Integration (CABEI) recently partnered with the Costa Rican Institute on Drugs (ICD) and local financial institutions to analyze the latest threats and best practices in combating money laundering and terrorism financing. The “Third Seminar on the Latest Advances in the Fight against Money Laundering and the Workshop on Money Laundering and Terrorism Financing Matrices” brought together representatives from:

  • Public Ministry
  • Judicial Investigation Organization
  • ICD
  • Financial institutions’ compliance officers

Strengthening Financial Institutions’ Risk Management Strategies

According to CABEI Director for Costa Rica Dr. Alberto Cortés, the bank is acutely aware of the devastating impact that illicit activities can have on democracy and development in the region. “We must ensure that all sectors remain vigilant in their efforts to prevent these scourges,” he emphasized.

Guatemalan auditor Ricardo Vélez Lara shared insights from his work with CABEI on implementing the ISO 31000 standard, designed to strengthen financial institutions’ risk management strategies.

Costa Rica’s Proactive Approach

CABEI Integrity and Compliance Official Nestor Chavez highlighted Costa Rica’s proactive approach to preventing money laundering and terrorism financing, including:

  • The new anti-terrorism law
  • Expanded reporting requirements for non-banking professionals such as accountants and auditors
  • Increased focus on final beneficiaries

Chavez emphasized CABEI’s commitment to professionalizing the financial sector in Costa Rica by enhancing knowledge of risk management strategies related to money laundering and terrorism financing. “By better preparing individuals involved in crime prevention, mitigation, and repression, we can respond more effectively,” he said.

Staying Vigilant and Learning from International Best Practices

CABEI Country Manager for Costa Rica Mauricio Chacón acknowledged that authorities face a sophisticated adversary, urging the region’s financial sector to remain vigilant and learn from international best practices. “We must continue analyzing and sharing experiences with other countries to stay ahead of these groups,” he emphasized.

By staying informed and adapting to the evolving threat landscape, Costa Rica can continue to lead the way in combating money laundering and terrorism financing, ultimately protecting its democracy and development.