Colombia, fifth country in the region with the lowest risk of money laundering


The progress made by the country in strengthening financial regulation caused Colombia to rank fifth in the Basel AML Index.

(More news: “We are taking spending to maximum levels”: Carf)

According to Jonathan Malagón, president of Asobancaria, the index assesses the vulnerability of 128 jurisdictions in these areas and Colombia obtained a score of 4.75, while the average for the 22 countries in the region was 5.34.

(Read more: Political campaigns, the main space for money laundering in Latin America)

The scale goes from 1 (least exposure to risk) to 10 (maximum exposure). In addition to evaluating the risk of money laundering and terrorist financing, the index also considers the risk of bribery and corruption, financial transparency and regulatory standards, among others.

Malagón pointed out three challenges to advance in compliance with international standards to mitigate the risks associated with these phenomena. These include contributing to the successful outcome of the Fifth Round of Mutual Evaluation, promoting financial inclusion, and supporting the implementation of policies against money laundering, terrorist financing, and the proliferation of weapons of mass destruction.


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Written by Editor TLN

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