Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
This report is on the observance of standards and codes (ROSC) for the "Financial Action Task Force (FATF) 40 Recommendations for Anti-Money Laundering and 8 Special Recommendations Combating the Financing of Terrorism." Bolivia's sy...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/10/10034908/bolivia-report-observance-standards-codes-fatf-recommendations-anti-money-laundering-combating-financing-terrorism http://hdl.handle.net/10986/15538 |
| Summary: | This report is on the observance of
standards and codes (ROSC) for the "Financial Action
Task Force (FATF) 40 Recommendations for Anti-Money
Laundering and 8 Special Recommendations Combating the
Financing of Terrorism." Bolivia's system to
prevent and suppress money laundering fulfills most of the
FATF 40 recommendations and applies to the insurance, stock
market, and financial sectors. However, the system does not
include other activities that are susceptible to money
laundering, such as currency exchange houses or money
transfer agencies. This is an aspect that the authorities
hope to rectify in the medium term. The institutional
regulatory, supervisory, and financial intelligence
responsibilities for combating money laundering are
concentrated in the FIU. However, the FIU is not able to
carry out on-site supervision of the financial system, and
the sectoral superintendence's do not supervise
compliance with anti-money laundering standards either.
Moreover, there is no high-ranking authority promoting an
integrated anti-money laundering policy. Instead, this is
left in the hands of the FIU, which lacks the means to push
for legislative reforms on its own or to strengthen the
efficacy of the system to suppress money laundering. One of
the initiatives that the FIU has undertaken to this end is
the drafting of a law to expand the criminal classification
and extend the obligation to prevent money laundering to new
sectors, such as currency exchange houses. By the same
token, the superintendence of Banks and financial
institutions will issue a regulation making the duties of
financial institutions' external auditors more
exacting. Lastly, it will begin in the near future to apply
the interinstitutional cooperation convention recently
signed by various public entities involved in anti-money
laundering efforts, with the aim of achieving better results
in terms of cases brought to trial, convictions, and goods confiscated. |
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