SAN JOSE – Costa Rica laid down on Thursday an inclusive proposal in the plenary session of the Financial Action Task Force of Latin America, or GAFILAT, to tackle money laundering and terror funding.
“We are facing highly complex, specialized crimes that are difficult to prove, that is why it is necessary they be dealt with in a comprehensive manner,” said Vice Minister of the Presidency of Costa Rica, Ana Gabriel Zuñiga Aponte.
“We must have effective coordination between state-run institutions and the private sector to ensure protection of citizens, the business community and the financial system as a whole.”
The Costa Rican strategy, more intense in high-risk countries, plans to reduce cash payments and establish a legal regime for electronic payment methods, including emerging technologies, and preventive measures for customer knowledge when these actions are delegated to a third party.
It also focuses on strengthening regulation, supervision and control of the foreign exchange sector and includes penalization of terror funding and more technical and personal resources and mechanisms to ensure compliance to international guidelines for the elimination of terrorism financing, as defined by the UN Security Council.
This, it says, can be done by strengthening the implementation of the Council’s resolutions on application of economic sanctions on terrorists and terror outfits.
Meanwhile, GAFILAT executive secretary Esteban Fullin told reporters, he was thankful to Panama and Cuba for their efforts in the fight against these crimes.
GAFILAT is an intergovernmental organization that brings together 16 countries from South, Central and North Americas to fight money laundering and terrorism financing through a commitment to the continuous improvement of national policies and deepening cooperation mechanisms.
Germany, Portugal, Canada, Spain, France, U.S., the Inter-American Development Bank, World Bank, International Monetary Fund, Organization of American States, Interpol and the UN are part of it as observers.