Financial Crime World

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Uruguay Improves International Cooperation on Financial Crime, but Remains Compliant in Key Areas

In a positive development for global efforts to combat financial crime, Uruguay has shown significant improvement in its technical compliance with international standards. The country’s progress was highlighted in a recent report by the Financial Action Task Force (FATF), an intergovernmental body responsible for setting and promoting anti-money laundering and counter-terrorist financing standards.

Uruguay’s Progress in Key Areas

Uruguay received ratings of “largely compliant” or better in several key areas, including:

National Cooperation and Coordination

Uruguay Received a Rating of “Largely Compliant”

  • This indicates that Uruguay has made significant efforts to improve its cooperation with other countries.
  • The country has also strengthened its financial intelligence unit and improved its regulation and supervision of financial institutions.

Money Laundering Offenses

Uruguay Received an LC Rating

  • This means that Uruguay’s laws and regulations regarding money laundering are largely compliant with international standards.
  • The country has made progress in this area, but still faces challenges in implementing certain technical requirements.

Terrorist Financing Offense

Uruguay Received a PC Rating

  • This indicates that Uruguay is partially compliant with international standards for terrorist financing offenses.
  • The country needs to strengthen its rules and regulations in this area to fully comply with international standards.

Financial Institution Secrecy Laws

Uruguay Received a C Rating

  • This means that Uruguay’s laws and regulations regarding financial institution secrecy are only compliant in certain areas.
  • The country needs to improve its rules and regulations in this area to fully comply with international standards.

Areas for Improvement

Uruguay remains non-compliant or partially compliant in several key areas, including:

Nongovernmental Organizations (NGOs)

Uruguay Remains Non-Compliant

  • This indicates that Uruguay’s laws and regulations regarding NGOs are not in line with international standards.
  • The country needs to strengthen its rules and regulations in this area to fully comply with international standards.

Money or Value Transfer Services

Uruguay is Partially Compliant

  • This means that Uruguay’s laws and regulations regarding money or value transfer services are only partially compliant with international standards.
  • The country needs to improve its rules and regulations in this area to fully comply with international standards.

Wire Transfers

Uruguay is Partially Compliant

  • This indicates that Uruguay’s laws and regulations regarding wire transfers are only partially compliant with international standards.
  • The country needs to improve its rules and regulations in this area to fully comply with international standards.

Conclusion

Uruguay’s efforts to improve international cooperation on financial crime are a positive step forward for global anti-money laundering and counter-terrorist financing efforts. However, the country must continue to work towards full compliance with international standards in all areas. By addressing these challenges, Uruguay can continue to strengthen its efforts to combat financial crime and promote global cooperation.