Colombia's measures to combat money laundering and terrorist financing

Publication details

Language

English

Country

Colombia

METHODOLOGY

GAFILAT Mutual Evaluation Report Colombia 2018

Filename
GAFILAT-Mutual-Evaluation-Colombia-2018.pdf
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2 MB
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application/pdf
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This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Colombia as at the date of the on-site visit (June 5 to 22, 2017). It analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Colombia’s AML/CFT system, and provides recommendations on how the system could be strengthened.

The findings of this assessment have been reviewed and endorsed by the FATF.

Please refer to the Executive Summary of the report for the Key Findings and Priority Actions.

 

More information: 

The FATF Recommendations

FATF issues new Mechanism to Strengthen Money Laundering and Terrorist Financing Compliance

Financial Task Force of Latin America (GAFILAT)

 

 

 

 

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Colombia Mutual Evaluation 2018

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
PC
R.11 - Record keeping
C
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
C
R.15 - New technologies
PC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
PC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
PC
R.35- Sanctions
PC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Colombia Mutual Evaluation 2018

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
SE
IO7
LE
IO8
SE
IO9
LE
IO10
ME
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness