Efforts against money laundering under review

International evaluators are expected to put a close eye on the Costa Rican banking system to see if it is protected against money laundering.

The evaluators are from the Grupo de Acción Financiera de Latinoamérica, said the  Asociación Bancaria Costarricense Monday.

Local bankers are expected to explain to the evaluation team the procedures they have instituted to prevent money laundering for terrorist groups, the banker announcement said.

Also participating in the discussions will be the Unidad de Inteligencia Financiera of the Instituto Costarricense sobre Drogas and other agencies.

The country’s efforts will be compared against international standards over the next few days.

Coincidentally, judicial investigators detained three bank employees in Quepos last Thursday on the allegation that they were slipping amounts under $10,000 into the banking system on behalf of a major depositor. The employees were accused of using false names to do so. The amount involved was about $200,000 agents said. Amounts under $10,000 do not require reports to regulating agencies.

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