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NCJ Number: 201283 Find in a Library
Title: Combating Money Laundering and Smuggling in Colombia
Journal: Journal of Financial Crime  Volume:10  Issue:2  Dated:October 2002  Pages:153-156
Author(s): Jaime Ospina-Velasco
Date Published: October 2002
Page Count: 4
Type: Legislation/Policy Description
Format: Article
Language: English
Country: United Kingdom
Annotation: This paper discusses how far Colombia has moved toward its goal of combatting contraband not only to prevent an illegal activity that damages fiscal revenues but also as a countermeasure against money laundering.
Abstract: The immediate goals of smugglers of contraband are the avoidance of taxation, the laundering of money earned illegally, and the importation of raw material and chemical components for the production of drugs. Colombia's short-term strategy in countering these criminal goals includes the development of institutional and interagency cooperation in addressing these issues, as well as increasing criminal sanctions for these criminal activities. Medium-term strategies have included the search for multilateral strategies in commercial and asset-laundering forums. One success was the Customs Agreement on the Andean Community of Nations entered into with Panama in order to identify the goods that leave the Canal's Free Zone destined for Colombia, as well as the one entered into with Aruba for the exchange of information and identification of freight. Long-term strategies include stimulating national culture and awareness that will help nourish negative public attitudes toward contraband smuggling; reinforcing anti-smuggling agreements with multinational companies; facilitating foreign trade for companies legally established; using an International (National) Identifying Profile Standard (NIPS) for easier understanding between customs authorities in various countries; improving international cooperation; and strengthening the fight against money laundering that occurs through the smuggling practices via the Black Market Peso Exchange system.
Main Term(s): Drug law enforcement
Index Term(s): Colombia; Crime specific countermeasures; Drug smuggling; Money laundering; Smuggling/Trafficking
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