GAFIC found the problem areas that need to be addressed include:

• There is no effective supervision supervision of money service businesses (MSBs), though there are some reporting requirements in place.
• Non-profits organisations are not obligated to regulate their financial activities.
• There is no mechanism to prevent the illicit use of the judicial system for illegal activities.
• Chile has failed to provide statistics about money laundering in the country. Such data is inconsistently presented, and is not widely available.
• There are no mechanisms in place to prevent non-profit organisations from being used as fronts for terrorist funding.
• Chile has not responded to United Nations resolutions on terrorist financing.
• Current laws do not allow the imposition of sanctions against legal entities laundering money, nor allow seizure of assets resulting from such entities' money laundering activities.

GAFIC will review Chile's AML progress at a future time. For those readers who understand Spanish, and who wish to review the entire report, entitled: Informe de evaluacion mutua sobre lavado de activos y financiamento del terrorismo: Chile, 13 de Diciembre de 2006, the Internet address is:

http://www.gafic.org/pdf/InformeChile.pdf