FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
Uruguay dispels rumours of anti-AML policy
22 June 2008
Uruguayan financial professionals, both in and outside of government, have universally denied that there is any governmental policy, either officially or unofficially, to the effect that there is a ban on AML conferences, due to improper Venezuelan government interference. They point to a number of recent events as proof that such a policy does not exist in Uruguay, and that major progress has been made in both AML and CFT in 2008.
We have listed them below for your information.
In support of their statement, the Uruguayan financial community advises that the following should be considered:
It would appear that AML progress is being made in Uruguay in 2008, and that there is no apparent ban on conferences. Our thanks to those contributors in the Uruguayan financial system who supplied this information.
In support of their statement, the Uruguayan financial community advises that the following should be considered:
- On 23 May, an AML workshop was held, organised by the Central Bank.
- On 27 May, the Central Bank (Banco Central de Uruguay) adopted regulations increasing AML controls on financial institutions.
- A 4-DAY AML and CFT workshop was conducted recently under the auspices of the Internamerican Development Bank (Banco Interamericano Desarollo) and the Federation of Latin American Bankers(FELABAN), which was well attended by both government and the private sector.
- National legislation requires a risk-based approach to the prevention of money laundering and terrorist financing.
- There will be another major AML/CFT seminar in the second half of 2008.
- Finally, the rumour of a ban on AML conferences may have arisen due to confusion over a conference that was being organised falsely advertising the support of a certain government agency, which had not been given.
It would appear that AML progress is being made in Uruguay in 2008, and that there is no apparent ban on conferences. Our thanks to those contributors in the Uruguayan financial system who supplied this information.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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