Bolivia must undergo, after nine years, an evaluation, which is directed by the Latin American Financial Action Group (GAFILAT), this year is the fourth round of Mutual Evaluation.

The Association of Private Banks of Bolivia (ASOBAN) organized a master conference addressed to Senior Management, the “Role of Directors and Senior Management in the Framework of Preparation for the 4th Round of Mutual Evaluation – GAFILAT”.

Alejandra Quevedo, international expert, financial integrity consultant for the World Bank and other organizations, presented the central concepts, procedures and methodology used in each mutual evaluation to verify the degree of progress in the implementation and compliance with the 40 Recommendations of the FATF.

The expert pointed out that mutual evaluations are carried out among peers, that is, GAFILAT member countries appoint expert evaluators who take as a starting point the risks of Money Laundering (ML) and Financing of Terrorism (FT) and the context of each country. The mutual evaluation focuses on the evaluation of technical compliance, that is, it is analyzed that the national legal system is adequate to what is established by the International Standards in the fight against ML, FT and financing of proliferation (FP), established in the FATF Standards, as well as the institutional apparatus required for the implementation of these measures.

For more information contact:

Carla Arellano  | Counselor Ferrere | carellano@ferrere.com