Representatives of the country’s banking sector recently approved the reform of the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legitimization of Capital and Financing of Terrorism.
For the Costa Rican Banking Association (ABC), the approval of the Legislative Assembly is a great achievement for the country and an important step towards the correction of the vulnerabilities that were pointed out by the International Financial Action Task Force (FATF).
While this approval was vital, we still need to advance in terms of effectiveness, that is, to demonstrate that the legal framework is effective in the fight against the legitimization of capital and organized crime,”
said Mario Gómez, Advisor Legal from ABC.
The financial sector is one of the most committed sectors in the prevention of money laundering and financing of terrorism. For ABC, it is essential that all sectors, especially non-financial sectors, take on the commitment to work in coordination with the authorities, in order to deal with regulatory changes and adjustments as soon as possible, thus avoiding the inclusion of the country on the FATF non-cooperative list.