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NCJRS Abstract

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NCJ Number: 201818 Find in a Library
Title: Money Laundering in Costa Rica: Financial Overview
Corporate Author: Drug Enforcement Admin
US Dept of Justice
United States of America
Date Published: May 2003
Page Count: 7
Sponsoring Agency: Drug Enforcement Admin
Springfield, VA 22152
NCJRS Photocopy Services
Rockville, MD 20849-6000
Sale Source: Drug Enforcement Admin
US Dept of Justice
8701 Morrissette Drive
Springfield, VA 22152
United States of America

NCJRS Photocopy Services
Box 6000
Rockville, MD 20849-6000
United States of America
Document: HTML
Type: Issue Overview
Format: Document (Online)
Language: English
Country: United States of America
Annotation: This overview of money laundering in Costa Rica, recently placed on the U.S. State Department's list of countries of primary concern for money laundering, addresses money-laundering methods, as well as law enforcement and legislative efforts to counter money laundering in Costa Rica.
Abstract: Costa Rica's highly advanced financial system and the limited number of safeguards in the banking sector have made it an attractive location for money-laundering activities. Money laundering methods in Costa Rica include bulk cash smuggling by couriers; the use of numerous bank deposits under the U.S. $10,000 cash-transactions reporting threshold; real estate purchases; the representation of laundered funds as casino winnings; and investments in construction projects, hotels, restaurants, shopping malls, and product assembly plants. Efforts of the Costa Rican law enforcement agencies to conduct effective investigations and prosecutions of money laundering cases is severely limited by the lack of adequate funding and personnel to manage complex, international cases, as well as by a lack of international cooperation. One recent effort to prevent money laundering was the establishment of the Central American Banking Academy on April 4, 2002, for the purpose of training private-sector personnel in the prevention of money laundering and other financial crimes. This academy was established by the Costa Rican Chamber of Banks and Financial Institutions. This paper outlines a chronology of Costa Rican legislation pertinent to money laundering. Laws have changed in order to more effectively combat the concealment and laundering of illicit funds through Costa Rica's financial sectors. Changes must be made to banking regulations in order to ensure compliance with existing anti-money laundering law. In addition, the anti-money laundering legislation that is now in place should be strengthened with the addition of a conspiracy law.
Main Term(s): Foreign drug law enforcement
Index Term(s): Costa Rica; Drug law enforcement; Drug laws; Money laundering
Note: Drug Intelligence Brief, May 2003; downloaded August 28, 2003.
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