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Recommendation 8: Non-Profit Organisations (NPOs) in Costa Rica

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Summary

Costa Rica has a comprehensive regulation of NPOs, including associations and foundations. This summary outlines the key points related to Recommendation 8 - Non-Profit Organisations (NPOs) in Costa Rica.

Key Points

• Costa Rica designates NPOs as reporting entities under Law 9449.
• The SUGE F is responsible for supervising compliance with AML/CFT requirements.
• Law 9416 creates obligations for NPOs to provide information on donors and recipients of charitable purposes, as well as beneficial ownership information.

Progress Made

Since the mutual evaluation process was conducted in Costa Rica, progress has been made:

Achievements

• Elaboration of a sectoral risk assessment for NPOs
• Issuance of prudential regulations for NPOs
• Incorporating certain NPOs as reporting institutions before the FIU

Areas for Improvement

Some progress is still needed:

Challenges to Address

• Implementing measures to better understand specific TF risks of NPOs
• Conducting an assessment of associations and foundations that fall within the FATF definition