Money laundering & terrorism financing update

The link below is from an earlier post about the Bolivian performance regarding anti-money laundering and financing of terrorism in the international arena, as evaluated by the Financial Action Task Force (FATF, GAFI in Spanish).

https://bolivianthoughts.wordpress.com/2011/10/30/anti-money-laundering-combating-the-financing-of-terrorism/

Los Tiempos newspaper sent some questions to current Bolivian government regarding about our performance and today a reply was printed, see the link below for the whole article in Spanish:

The Economy Ministry finally responded Los Tiempos, saying the country has made “great progress” on the fight against money laundering. One of the measures was the enactment of the Law Marcelo Quiroga Santa Cruz, that has determined that laundering of illicit proceeds will be dealt: “We have issued further important legislation providing for the incorporation into the field of regulation of exchanges, money transportation companies, money and gambling games, which means the significant expansion of scope of the Financial Investigation Unit and therefore a greater control and enforcement of this illegal activity, ” Economic Ministry reply said. According to the Government as part of this set of provisions to combat money laundering is also the admission control and exit of currencies established by Supreme Decree 29681 of August 20, 2008 and the approval, through Supreme Decree 910 of the Rules of administrative Violations and Sanctions for financial institutions, securities market and insurance administrative rules that contravene the money laundering control.

http://www.lostiempos.com/diario/actualidad/economia/20111104/lavado-gobierno-justifica-informe-negativo-de-gafi_148133_306725.html

It is good the government has finally responded, however, it should also be noted that all the above was not sufficient and Bolivia needs to show more progress and real commitment against drug trafficking and interdiction. There is still a long way to go and the Bolivian government must tackle this in a more speedy and effective way.

It is absolutely irresponsible to be permissive about those high land settlers and current coca growers that invade natural parks (TIPNIS, Chore, Amboro, Madidi) and we have a central government that does little or nothing to throw those invaders out of those areas we ALL Bolivians set aside to preserve the environment and for future generations.

Just be aware that neglecting the problem or failing to enforce money laundering controls and failing to stop terrorism financing could result in real damage of everybody worldwide.

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