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This Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for Colombia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in June 2017.

Copies of this report are available to the public from

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© 2018 International Monetary Fund

International Monetary Fund

October 2018

Colombia: Report on the Observance of Standards and Codes: Fatf Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Anti-Money Laundering/Combating the Financing of Terrorism: This Report on the Observance of Standards and Codes for the FATF Recommendations—International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (AML/CFT) was prepared by the IMF.1 The report provides a summary of the AML/CFT measures in place in Colombia and of the level of compliance with the FATF Recommendations and the level of effectiveness, and contains recommendations on how Colombia’s AML/CFT system could be strengthened. The assessment is based on the information available at the time of the mission from June 5–22, 2017 and other verifiable information subsequently provided by the authorities. It was conducted using the 2013 assessment methodology. The Detailed Assessment Report (DAR) on which this document is based was adopted by the Financial Action Task Force for Latin America (GAFILAT) Plenary on July 26, 2018. The views expressed here, as well as in the full assessment report, are those of the staff team and the FATF and do not necessarily reflect the views of the Government of Colombia or the Executive Board of the IMF.

Approved by

Nadim Kyriakos-Saad

Prepared by

Legal Department

This Report on the Observance of Standards and Codes (ROSC) for the FATF Recommendations—International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (AML/CFT) was prepared by IMF staff using the 2013 assessment methodology. Further information on ROSCs can be found at http://www.imf.org/external/NP/rosc/rosc.aspx

CONTENTS

  • Glossary

  • KEY FINDINGS

  • RISKS AND GENERAL SITUATION

  • FINDINGS ON COMPLIANCE AND EFFECTIVENESS

  • A. Assessment of Risk, Coordination, and Policy Setting

  • B. Financial Intelligence, and ML Investigations, Prosecutions and Confiscation

  • C. Terrorist Financing and Proliferation Financing

  • D. Preventive Measures and Supervision

  • E. Supervision

  • F. Transparency of Legal Persons and Arrangements

  • G. International Cooperation

  • PRIORITY ACTIONS

  • COPMPIANCE AND EFFECTIVENESS RATINGS

Glossary

AFL

Asset Forfeiture Law

AML/CFT

Anti-Money Laundering and Combating the Financing of Terrorism

BO

Beneficial Ownership

CDD

Customer Due Diligence

DNFBP

Designated Non-Financial Businesses and Professions

FATF

Financial Action Task Force

FGN

Fiscalía General de la Nación (Public Prosecutor’s Office)

GAOS

Grupos Armados Organizados (Organized Armed Groups)

IO

Immediate Outcome

LEA

Law Enforcement Agency

ML

Money Laundering

NPO

Nonprofit Organization

NRA

National Risk Assessment

PEP

Politically Exposed Person

PF

Proliferation Financing

POC

Proceeds of Crime

UIAF

Unidad de Información y Análisis Financiero (Financial Analysis and Information Unit)

RBA

Risk-Based Approach

UNSCR

UN Security Council Resolution

SAS

Sociedad anónima simplificada (Simplified Joint Stock Company)

SFC

Superintendencia Financiera de Colombia (Financial Superintendent of Colombia)

STR

Suspicious Transaction Report

TF

Terrorist Financing

TFS

Targeted Financial Sanctions

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Colombia: Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
Author:
International Monetary Fund. Legal Dept.