American Expatriate Costa Rica

Financial sector in favor of anti-money laundering reforms

The first-reading approval of the amendments to law 8204 -on narcotics, psychotropic substances, unauthorized drugs, related activities, money laundering and terrorism financing- were welcomed by representatives of financial institutions in the country.

For the Costa Rican Banking Association (ABC), the implementation of bill 19,909 demonstrated to the Financial Action Task Force (FATF) that Costa Rica is moving in the right direction towards the solution of the issues they identified as weaknesses in the country, in this case, by adjusting the legislation to prevent terrorist financing.

We’re going in the right direction, but it is not enough. We will be able to say that we fully comply with this point when it becomes a law, but it is certainly a big step, because this aspect is one of the most important ones to the FATF. There are still things to resolve. We simply prioritize it, since that is one of the aspects that weighs on the country’s rating,”

said Maria Isabel Cortés, executive director of the ABC.

The Chamber of Banks and Financial Institutions (CBIF) shares the same opinion.

The Chamber of Banks urged the Legislature to give its approval in the second reading of the draft next Thursday, in order to meet GAFILAT’s requirement,”

said Annabelle Ortega, Executive Director of the Chamber of Banks and Financial Institutions.

The fact that the country could be part of the FATF’s black list is equivalent to being listed internationally as “non-cooperative”, which would impact the financial system because commercial relations with foreign banks would be affected and thereby access to resources; which would undoubtedly have repercussions on Costa Rica’s economy and development.

crhoy.com