Tuesday 22 June 2021

Costa Rica Weak Against Money Laundering and Terrorism, Report

colones10000QCOSTARICA – A real estate broker, construction company, casino, or a lawyer in Costa Rica may be among targets by extremist financial groups, making the country weak, allowing networks to launder money from organized crime.

That is the opinion of the Financial Action Task Force of Latin America (GAFILAT), a regionally based inter governmental organization created in 2000 and which Costa Rica became a member in 2010, to combat money laundering and terrorist financing.

In July, the group made an assessment of compliance with 40 recommendations for governments to strengthen their anti-money laundering and anti-terrorist structure.

- Advertisement -

In the 169 page report, “Mutual Evaluation Report of the Republic of Costa Rica“, the GAFILAT, based in Argentina, concludes that Costa Rica has no mechanism of penalties to punish the financing of terrorist groups.

One of the main weaknesses of the country is that it does not yet consider a crime the financing of these organizations, nor does it have authorities (agencies) to regulate casinos, both physical and online, to prevent the flow of illicit money.

For the GAFILAT, at the date of the assessment, there was no awareness by Costa Rican authorities of the risk, as a country, for that flow of money for terrorism.

Guillermo Araya, director of the Costa Rican Drug Institute (Instituto Costarricense sobre Drogas – ICD) warns that if the country does not comply with the recommendations on legal reforms and strengthen legal enforcement, it could be “gray listed”, that is “uncooperative” in the fight against terrorism.

- Advertisement -

Araya added that reforms to penalize financing of terrorist organizations have been prepared, however, the draft is still in the hands of the Executive Branch (Casa Presidencial), awaiting being sent to legislators.

María Isabel Cortés, executive director of the Costa Rican Banking Association (Asociación Bancaria Costarricense – ABC), expressed concern about the possible inclusion of the country in the gray list. That would bring negative effects, mainly in the domestic capital flow out and foreign money to Costa Rica, she said.

The GAFILAT warns the country lacks access to information on companies and trusts is a problem it needs to tackle.

The members of GAFILAT include: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, and Uruguay. Observer countries and organizations include: BID, Canada, Germany, INTERPOL, United States, and the World Bank. Click here for complete list.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

The U.S. and Democracy in Nicaragua

Q REPORTS (Council on Foreign Affairs) Democracy is being destroyed in...

Security resumed mega-operations this Saturday

QCOSTARICA - This Saturday, October 24, the Ministry of Public Security...

MOST READ

Vaccination commission endorses J & J vaccine, says no to Sinovac

QCOSTARICA - The Comisión Nacional de Vacunación y Epidemiología (CNVE)  - National Vaccination and Epidemiology Commission - endorsed the use of Johnson and Johnson...

Companies covered up defective asphalt

QCOSTARICA - The judicial file of the Cochinilla Case, on alleged corruption in road works, exposes how three companies would have covered up the...

Ortega government accuses imprisoned opponents of receiving money from the United States to overthrow him

TODAY NICARAGUA – The Nicaraguan government assures that the imprisoned political opponents detained on charges of “inciting foreign intervention” are “usurpers” financed by the...

Today’s Vehicle Restriction June 18: 9 & 0 CANNOT circulate

Today, Friday, June 18, vehicles with plates ending 9 & 0 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Full court decides not to investigate or dismiss Emilia Navas

QCOSTARICA - Emilia Navas will not be removed from her position as attorney general, after calls for her to step down due to her...

Today’s Vehicle Restriction June 19: only “ODDS” can circulate

Today, Saturday, June 19, only vehicles with "ODD" ending plates CAN circulate The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

The United States will distribute 55 million vaccines against Covid-19 in Latin America, Africa and Asia

QCOSTARICA - The United States presented on Monday a plan to share 55 million doses of coronavirus vaccines worldwide, with approximately 75% of the...

Germany opens borders to Ticos from this Friday!

QCOSTARICA - Good news for Ticos with traveling fever! From Friday, June 25, Germany will allow entry of travelers from Costa Rica as long...

Lack of space on Racsa’s hard drive paralyzed immigration consultation at the airport this Monday

RICO's DIGEST - We've all had this happen, your computer's hard drive is full and your computer crashes. But we are not the Radiográfica...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.