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Puerto Rico’s Financial Institution Risk Management Frameworks Earn Recognition from Treasury Department
In a significant development, Puerto Rico has been removed from the United States Department of Treasury’s 2024 National Money Laundering Risk Assessment after two and half years of diligent efforts to strengthen its financial institution risk management frameworks.
A Testament to Commitment
This achievement is a testament to the island’s commitment to ensuring its reputation as a secure jurisdiction for conducting business. The removal from the list is a direct result of the tireless work by regulatory authorities, financial institutions, and other stakeholders who have collaborated to improve Puerto Rico’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
Enhancing Risk Management Practices
The efforts have focused on enhancing risk management practices, increasing transparency, and implementing robust reporting mechanisms. Financial institutions in Puerto Rico have implemented robust AML/CFT programs, which include:
- Customer due diligence
- Ongoing monitoring
- Suspicious transaction reporting
These initiatives have significantly reduced the risks associated with money laundering and terrorist financing activities.
International Recognition
The Treasury Department’s decision is a significant recognition of Puerto Rico’s progress in strengthening its financial institution risk management frameworks. The island’s commitment to maintaining a safe and secure environment for conducting business has been acknowledged by the international community.
A Major Victory
Regulatory authorities, financial institutions, and stakeholders are celebrating this achievement as a major victory for Puerto Rico. Their hard work and dedication have paid off, and the island is now considered a jurisdiction that effectively mitigates money laundering and terrorist financing risks.
Boosting Investor Confidence
The removal from the list is expected to boost investor confidence in Puerto Rico’s financial sector, attract new businesses, and enhance its reputation globally. The achievement serves as a model for other jurisdictions seeking to improve their AML/CFT regulations and reduce the risks associated with financial crimes.