Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
This report is on the observance of standards and codes (ROSC) for the "Financial Action Task Force (FATF) 40 Recommendations for Anti-Money Laundering and 8 Special Recommendations Combating the Financing of Terrorism." Bolivia's sy...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2002/10/10034908/bolivia-report-observance-standards-codes-fatf-recommendations-anti-money-laundering-combating-financing-terrorism http://hdl.handle.net/10986/15538 |
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okr-10986-15538 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ABDUCTION ABUSE ACTION PLAN ADMINISTRATIVE SYSTEM ASSETS AUCTION AUDITORS AUDITS BANKING LAW BANKS BUSINESSES CAPABILITIES CIVIL LIABILITY CONFIDENTIAL INFORMATION CONTROL SYSTEMS CORRUPTION CREDIT RISK CREDIT RISK ASSESSMENT CRIME CRIMINAL CRIMINAL ACTION CRIMINAL LAW CRIMINALITY CRIMINALIZATION CURRENCY DRUG TRAFFICKING EMBEZZLEMENT ENFORCEMENT SYSTEMS EXCHANGE OF INFORMATION EXTORTION EXTRADITION EXTRADITION TREATY FINANCIAL ACTION FINANCIAL ANALYSIS FINANCIAL ASPECT FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTERMEDIARY FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SYSTEM FOREIGN CAPITAL FOREIGN EXCHANGE FRAUD FUND MANAGEMENT GENERAL PUBLIC GOVERNMENT OFFICIALS HOUSES HUMAN RESOURCES ILLEGAL IMMIGRANTS IMPRISONMENT INCOME INSPECTION INSURANCE INSURANCES INTELLECTUAL PROPERTY INTERNATIONAL INVESTIGATIONS INTERNATIONAL TREATIES INTERNATIONAL TREATY INVESTIGATION INVESTIGATIONS JUDGE JUDGES JUDICIARY JUSTICE KIDNAPPING LACK OF INFORMATION LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL EXPERT LEGAL SYSTEM LEGISLATION LEGISLATIVE REFORMS LICENSE LICENSES LOAN LOCAL CURRENCY MICRO-CREDIT MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE OFFENSE OFFENSES PASSIVE BRIBERY PENAL CODE PENALTIES PENALTY PENSIONS PERSONAL PROPERTY POLICE PORNOGRAPHY PRIVATE PENSION PRIVATE PENSION FUND PROCESS OF INVESTIGATION PROSECUTION PROSECUTOR PROSECUTORS PROSTITUTION REGULATORY SYSTEMS REMITTANCE RESIDENCE RESPONSIBILITIES RESULTS RETENTION RISK ASSESSMENT SAVINGS SEARCH SECURITIES SEIZURE STOCK MARKET SUPERVISION SUPERVISORY AGENCIES TAX TECHNICAL ASSISTANCE TERRORISM TRAINING PROGRAM TRAINING PROGRAMS TRANSACTION TRANSFER AGENTS TRANSLATION TREATIES TRIAL VERIFICATION WILL WIRE TRANSFERS |
| spellingShingle |
ABDUCTION ABUSE ACTION PLAN ADMINISTRATIVE SYSTEM ASSETS AUCTION AUDITORS AUDITS BANKING LAW BANKS BUSINESSES CAPABILITIES CIVIL LIABILITY CONFIDENTIAL INFORMATION CONTROL SYSTEMS CORRUPTION CREDIT RISK CREDIT RISK ASSESSMENT CRIME CRIMINAL CRIMINAL ACTION CRIMINAL LAW CRIMINALITY CRIMINALIZATION CURRENCY DRUG TRAFFICKING EMBEZZLEMENT ENFORCEMENT SYSTEMS EXCHANGE OF INFORMATION EXTORTION EXTRADITION EXTRADITION TREATY FINANCIAL ACTION FINANCIAL ANALYSIS FINANCIAL ASPECT FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTERMEDIARY FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SYSTEM FOREIGN CAPITAL FOREIGN EXCHANGE FRAUD FUND MANAGEMENT GENERAL PUBLIC GOVERNMENT OFFICIALS HOUSES HUMAN RESOURCES ILLEGAL IMMIGRANTS IMPRISONMENT INCOME INSPECTION INSURANCE INSURANCES INTELLECTUAL PROPERTY INTERNATIONAL INVESTIGATIONS INTERNATIONAL TREATIES INTERNATIONAL TREATY INVESTIGATION INVESTIGATIONS JUDGE JUDGES JUDICIARY JUSTICE KIDNAPPING LACK OF INFORMATION LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL EXPERT LEGAL SYSTEM LEGISLATION LEGISLATIVE REFORMS LICENSE LICENSES LOAN LOCAL CURRENCY MICRO-CREDIT MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE OFFENSE OFFENSES PASSIVE BRIBERY PENAL CODE PENALTIES PENALTY PENSIONS PERSONAL PROPERTY POLICE PORNOGRAPHY PRIVATE PENSION PRIVATE PENSION FUND PROCESS OF INVESTIGATION PROSECUTION PROSECUTOR PROSECUTORS PROSTITUTION REGULATORY SYSTEMS REMITTANCE RESIDENCE RESPONSIBILITIES RESULTS RETENTION RISK ASSESSMENT SAVINGS SEARCH SECURITIES SEIZURE STOCK MARKET SUPERVISION SUPERVISORY AGENCIES TAX TECHNICAL ASSISTANCE TERRORISM TRAINING PROGRAM TRAINING PROGRAMS TRANSACTION TRANSFER AGENTS TRANSLATION TREATIES TRIAL VERIFICATION WILL WIRE TRANSFERS World Bank Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| geographic_facet |
Latin America & Caribbean Bolivia |
| description |
This report is on the observance of
standards and codes (ROSC) for the "Financial Action
Task Force (FATF) 40 Recommendations for Anti-Money
Laundering and 8 Special Recommendations Combating the
Financing of Terrorism." Bolivia's system to
prevent and suppress money laundering fulfills most of the
FATF 40 recommendations and applies to the insurance, stock
market, and financial sectors. However, the system does not
include other activities that are susceptible to money
laundering, such as currency exchange houses or money
transfer agencies. This is an aspect that the authorities
hope to rectify in the medium term. The institutional
regulatory, supervisory, and financial intelligence
responsibilities for combating money laundering are
concentrated in the FIU. However, the FIU is not able to
carry out on-site supervision of the financial system, and
the sectoral superintendence's do not supervise
compliance with anti-money laundering standards either.
Moreover, there is no high-ranking authority promoting an
integrated anti-money laundering policy. Instead, this is
left in the hands of the FIU, which lacks the means to push
for legislative reforms on its own or to strengthen the
efficacy of the system to suppress money laundering. One of
the initiatives that the FIU has undertaken to this end is
the drafting of a law to expand the criminal classification
and extend the obligation to prevent money laundering to new
sectors, such as currency exchange houses. By the same
token, the superintendence of Banks and financial
institutions will issue a regulation making the duties of
financial institutions' external auditors more
exacting. Lastly, it will begin in the near future to apply
the interinstitutional cooperation convention recently
signed by various public entities involved in anti-money
laundering efforts, with the aim of achieving better results
in terms of cases brought to trial, convictions, and goods confiscated. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| title_short |
Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full |
Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| title_fullStr |
Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full_unstemmed |
Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism |
| title_sort |
bolivia : report on observance of standards and codes--fatf recommendations for anti-money laundering and combating the financing of terrorism |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/10/10034908/bolivia-report-observance-standards-codes-fatf-recommendations-anti-money-laundering-combating-financing-terrorism http://hdl.handle.net/10986/15538 |
| _version_ |
1764426437729714176 |
| spelling |
okr-10986-155382021-04-23T14:03:13Z Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism World Bank ABDUCTION ABUSE ACTION PLAN ADMINISTRATIVE SYSTEM ASSETS AUCTION AUDITORS AUDITS BANKING LAW BANKS BUSINESSES CAPABILITIES CIVIL LIABILITY CONFIDENTIAL INFORMATION CONTROL SYSTEMS CORRUPTION CREDIT RISK CREDIT RISK ASSESSMENT CRIME CRIMINAL CRIMINAL ACTION CRIMINAL LAW CRIMINALITY CRIMINALIZATION CURRENCY DRUG TRAFFICKING EMBEZZLEMENT ENFORCEMENT SYSTEMS EXCHANGE OF INFORMATION EXTORTION EXTRADITION EXTRADITION TREATY FINANCIAL ACTION FINANCIAL ANALYSIS FINANCIAL ASPECT FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTERMEDIARY FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SYSTEM FOREIGN CAPITAL FOREIGN EXCHANGE FRAUD FUND MANAGEMENT GENERAL PUBLIC GOVERNMENT OFFICIALS HOUSES HUMAN RESOURCES ILLEGAL IMMIGRANTS IMPRISONMENT INCOME INSPECTION INSURANCE INSURANCES INTELLECTUAL PROPERTY INTERNATIONAL INVESTIGATIONS INTERNATIONAL TREATIES INTERNATIONAL TREATY INVESTIGATION INVESTIGATIONS JUDGE JUDGES JUDICIARY JUSTICE KIDNAPPING LACK OF INFORMATION LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL EXPERT LEGAL SYSTEM LEGISLATION LEGISLATIVE REFORMS LICENSE LICENSES LOAN LOCAL CURRENCY MICRO-CREDIT MINISTERS MISAPPROPRIATION MONEY LAUNDERING MUTUAL LEGAL ASSISTANCE OFFENSE OFFENSES PASSIVE BRIBERY PENAL CODE PENALTIES PENALTY PENSIONS PERSONAL PROPERTY POLICE PORNOGRAPHY PRIVATE PENSION PRIVATE PENSION FUND PROCESS OF INVESTIGATION PROSECUTION PROSECUTOR PROSECUTORS PROSTITUTION REGULATORY SYSTEMS REMITTANCE RESIDENCE RESPONSIBILITIES RESULTS RETENTION RISK ASSESSMENT SAVINGS SEARCH SECURITIES SEIZURE STOCK MARKET SUPERVISION SUPERVISORY AGENCIES TAX TECHNICAL ASSISTANCE TERRORISM TRAINING PROGRAM TRAINING PROGRAMS TRANSACTION TRANSFER AGENTS TRANSLATION TREATIES TRIAL VERIFICATION WILL WIRE TRANSFERS This report is on the observance of standards and codes (ROSC) for the "Financial Action Task Force (FATF) 40 Recommendations for Anti-Money Laundering and 8 Special Recommendations Combating the Financing of Terrorism." Bolivia's system to prevent and suppress money laundering fulfills most of the FATF 40 recommendations and applies to the insurance, stock market, and financial sectors. However, the system does not include other activities that are susceptible to money laundering, such as currency exchange houses or money transfer agencies. This is an aspect that the authorities hope to rectify in the medium term. The institutional regulatory, supervisory, and financial intelligence responsibilities for combating money laundering are concentrated in the FIU. However, the FIU is not able to carry out on-site supervision of the financial system, and the sectoral superintendence's do not supervise compliance with anti-money laundering standards either. Moreover, there is no high-ranking authority promoting an integrated anti-money laundering policy. Instead, this is left in the hands of the FIU, which lacks the means to push for legislative reforms on its own or to strengthen the efficacy of the system to suppress money laundering. One of the initiatives that the FIU has undertaken to this end is the drafting of a law to expand the criminal classification and extend the obligation to prevent money laundering to new sectors, such as currency exchange houses. By the same token, the superintendence of Banks and financial institutions will issue a regulation making the duties of financial institutions' external auditors more exacting. Lastly, it will begin in the near future to apply the interinstitutional cooperation convention recently signed by various public entities involved in anti-money laundering efforts, with the aim of achieving better results in terms of cases brought to trial, convictions, and goods confiscated. 2013-09-03T20:35:55Z 2013-09-03T20:35:55Z 2002-10-30 http://documents.worldbank.org/curated/en/2002/10/10034908/bolivia-report-observance-standards-codes-fatf-recommendations-anti-money-laundering-combating-financing-terrorism http://hdl.handle.net/10986/15538 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Latin America & Caribbean Bolivia |