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Comments by the Colombian Ministry of Finance on the DEA Document Entitled "Colombian Economic Reform: The Impact on Money Laundering Within the Colombian Economy"

NCJ Number
152988
Date Published
1994
Length
9 pages
Annotation
This analysis of a Drug Enforcement Administration (DEA) report regarding the impact of Colombia's recent economic reforms on laundering of drug money in the Colombian economy concludes that the DEA document reveals profound ignorance of how the Colombian economy operates, lacks scientific accuracy, is biased against Colombia, and therefore represents not only an insult to Colombians but also an insult to intelligence.
Abstract
In addition, the document seriously criticizes the reforms that are opening the economy and, contrary to statements by other United States agencies and the Federal Government, expresses a preference for a heavily nationalized economy with little space for the private sector. The document is flawed in its macroeconomic analyses; its discussion of the financial sector's reforms; and its analyses of commercial liberalization, economic integration with Venezuela, and the privatization of maritime ports. In view of these points, the Colombian government requests immediate clarification and reassessment of this topic by DEA and asks that this clarification receive the same coverage as the original DEA document. Future DEA reports should be based on more scientific methods and information. Colombia places a priority on controlling money laundering and is promoting a series of technical meetings and international consultations aimed at developing guidelines for a global treaty to stop money laundering across international borders.