Anti-Money Laundering (AML) in Colombia

AML Country Guide / Anti-Money Laundering (AML) in Colombia

Money laundering crime has a" dangerous threat to countries. The basis of money laundering is based on several important crimes. Revenues from serious and important crimes such as drug trafficking, human trafficking, corruption, and bribery are hidden through various money laundering processes. As a result of money laundering, criminals cannot be punished. Thus, they grow crime organizations, increase criminal activities, and commit more significant crimes.

Colombia has been battling smuggling of heroin and cocaine in the past. The Colombian government is running a multi-faceted fight to prevent drug trafficking. Except for operations against drug traffickers, The Colombian Government is working to prevent the money laundering of criminals with AML regulations. Colombia is among the countries struggling effectively with money laundering.

The Financial Intelligence Unit of Colombia is the competent authority established to prevent Colombia's financial crimes. The Financial Intelligence Unit of Colombia examines unusual financial transactions, and reports then detect whether it contains criminal activity. UIAF operates under the Ministry of Treasury and Public Credit.

Functions of The Financial Intelligence Unit of Colombia

  • Detecting and preventing money laundering and terrorist financing transactions by examining economic activities.
  • Collecting and analyzing reports from financial institutions.
  • Reporting to the Finance, Tax Office, and Prosecutor's Office, if necessary.
  • Carrying out studies on AML and making suggestions.

Functions of The Ministry of Justice and Law of Colombia

  • Supporting and promoting AML-related government policies.
  • Development of new policies on AML.
  • Providing organizations with advice on AML.

Functions of The Ministry of Foreign Affairs of Colombia

  • Representation of Colombia in international Anti-Money Laundering forums.
  • Announcement of Colombia's international achievements in the field of AML / CTF.
  • Ensuring compliance with international AML regulations.  

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