Financial Crime World

Title: Uruguay’s Banco de la República Oriental (BROU) Strengthens its Anti-Money Laundering, Counter-Terrorism Financing, and Weapons of Mass Destruction Proliferation Policies

Intro

Banco de la República Oriental del Uruguay (BROU), the central bank of Uruguay, has updated its Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Weapons of Mass Destruction Proliferation (WMDP) Policy Manual. This update underscores BROU’s dedication to preventing financial crimes and maintaining the integrity of Uruguay’s financial system.

BROU’s Confidentiality Policy (Law 18,381 – ART.9 Paragraph E)

  • Confidentiality period: 15 years

Overview

BROU’s Commitment

As a key financial intermediary institution in Uruguay, BROU is committed to:

  1. Adopting comprehensive AML, CTF, and WMDP policies
  2. Avoiding the use of its infrastructure for illicit activities

Regulatory Compliance

BROU’s AML, CTF, and WMDP risk prevention system is designed in accordance with:

  • Current Uruguayan laws and regulations
  • International best practices, including FATF Recommendations, Basel Committee, and Wolfsberg Principles

Definitions

AML, CTF, and WMDP Terms

  • Money Laundering (ML): The process whereby criminally derived proceeds are made to appear legal
  • Terrorist Financing (TF): The provision or collection of funds directly or indirectly for the financing of terrorism
  • Weapons of Mass Destruction (WMD) Proliferation: The manufacture, acquisition, possession, development, export, transfer, storage, or use of nuclear, chemical, or biological weapons and their means of delivery, in violation of national laws or international obligations

AML, CTF, and WMDP Crimes

ML and Predicate Offenses

  • ML Crimes: The process of converting, owning, concealing, or assisting proceeds from criminal activities (Articles 30-33 in Chapter V of Law 19,574)
  • Predicate Offenses: Drug trafficking, genocide, war crimes, terrorism, terrorism financing, smuggling, illicit trafficking, extortion, kidnapping, procuring, illicit trafficking in nuclear materials, or human trafficking (Article 34 in Chapter V of Law 19,574)

Prevention System

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Prevention Structure

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Management Standards

[Detailed information on the management standards related to AML, CTF, and WMDP risks would go here]

Roles and Responsibilities

  • Board of Directors: Oversight and strategic decision-making
  • AML Commission: Development and implementation of AML policies
  • Compliance Officer: Ensuring adherence to AML, CTF, and WMDP policies and regulations
  • Anti-Money Laundering Unit: Detection, investigation, and reporting of suspicious transactions