Uruguay Enhances Anti-Terrorism Financing Regulations and Enforcement
Strengthening Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Measures
The South American country of Uruguay has been making significant strides in strengthening its anti-terrorism financing regulations and enforcement measures. According to a recent report by the Financial Action Task Force (FATF), Uruguay was found to be Compliant with 16 of the FATF’s 40 Recommendations on AML/CTF.
Key Developments
- Compliance with FATF Recommendations: Uruguay has made significant progress in implementing the FATF Recommendations, demonstrating compliance with 16 out of the 40 Recommendations.
- EU Global Facility Scoping Mission: The EU Global Facility conducted a scoping mission to identify areas where Uruguay needed technical assistance to enhance its compliance with international standards.
- Technical Assistance Activity: In August 2023, the project delivered its first technical assistance activity, which aimed to help Uruguay strengthen its CTF framework and improve its ability to detect and prevent terrorist financing activities.
International Cooperation
Uruguay’s efforts to combat terrorism financing are in line with its commitment to international cooperation and best practices. The country has been working closely with regional and international organizations to share knowledge and expertise on anti-terrorism financing measures.
Areas for Improvement
While Uruguay has made significant progress, the FATF report noted that the country still requires further improvements in certain areas. The country’s authorities have acknowledged these areas of improvement and are committed to addressing them through continued technical assistance and cooperation with international partners.
Conclusion
As Uruguay continues to work towards enhancing its anti-terrorism financing regulations and enforcement measures, it is expected that the country will become an even more effective partner in global efforts to combat terrorism financing.