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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.
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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 |
FiscalÃa 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 |