Venezuela: Workshop on prevention and control of asset laundering

Workshop opens on prevention and control of asset laundering in Venezuela

Continuing the training workshops on prevention and control of asset laundering held since June in Bolivia, Ecuador and Peru, four days of practical sessions began today under the technical cooperation agreement signed by the CAF with the Latin American Banking Federation (FELABAN). The opening ceremony was attended by Camilo Arenas, CAF director de Risk Administration; Ignacio Salvatierra, president de Felaban; and Arístides Maza, president of the Venezuelan Banking Association.

The agreement provides support for the countries of the Andean region for the training of private and government agents in the financial system to equip them with tools to improve the efficiency of the prevention and control of asset laundering, identifying their role and interaction, and guaranteeing an effective follow-up, in line with the needs of each country under their legislation. The project is the first approved for Felaban by a multilateral organization.

The project was divided into two stages. In the first, the diagnosis focused on studying the interaction between all the agents in the national system of prevention, control, repression and punishment of money laundering, as well as on the obstacles to the application of prevention mechanisms and difficulties with existing regulations. This phase took place from April to July this year, beginning with a preliminary study in each country. Visits and interviews were made to the various organizations, which concluded with a diagnosis a based on the characteristics and needs of each country.

The second stage, which began in July, consists of practical workshops based on the results of the diagnoses. This stage will conclude with workshops designed to meet the needs of each country, using analysis of real and hypothetical cases of improvement of processes and systems to prevent, repress and control financing for terrorism.

To generate the expected and proposed coverage, the actions to be taken are: preparation of a document with the conclusions and recommendations of the workshops; tracing a short, medium and long term action plan for each country to continue the interaction and exchange process between government authorities and private sector; and finally the signing of a commitment by the beneficiaries on participation in workshops and later dissemination of their conclusions, which will have an important multiplying effect.

Organized crime and terrorism, whose main source of financing is asset laundering, are a blight on our societies. This is why eradicating them is an obligation not only for our governments but for every citizen. The magnitude of the phenomenon of asset laundering has reached proportions that are difficult to conceive. A recent study by the International Monetary Fund notes that laundering transactions total US$600 billion or the equivalent of 5% of global GDP. Considering the importance of the issue for the CAF, the signing of the technical cooperation agreement with Felaban represents important progress in its support for countries combating the problem of financial assets laundering.