CABEI reiterates its commitment to continue working with its member countries in the fight against financial crime


During International Money Laundering Prevention Month, CABEI promotes a culture of legality and zero tolerance for criminal actions at the regional level.

Tegucigalpa, October 29th, 2022.- InSeptember, the Central American Bank for Economic Integration (CABEI), reaffirming its commitment to the fight against the risks of Money Laundering, Terrorism Financing and Financing the Proliferation of Weapons of Mass Destruction, Fraud and Corruption (Financial Crimes), authorized the granting of technical cooperation in the amount of US$60,480, under a non-reimbursable modality, to strengthen the capacity of the member countries of the Latin American Financial Action Task Force (GAFILAT).

"We are pleased to share that CABEI has joined in supporting its member countries in different initiatives through GAFILAT that contribute to achieving their objectives in terms of FATF standards.  We will continue to contribute to initiatives that benefit our member countries, their population and financial sector," said CABEI Executive President, Dr. Dante Mossi.

The Latin American Financial Action Task Force (GAFILAT) is a regionally based intergovernmental organization that brings together 18 countries from South America, Central America, and North America. GAFILAT was created to prevent and combat money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, through a commitment to continuously improve national policies against these scourges and deepen the various cooperation mechanisms among member countries.

CABEI, since 2021, has contributed together with GAFILAT in the development of different activities, including workshops for the exchange of best practices in the area of beneficial ownership, risk-based supervision, GAFILAT expert groups, with emphasis on supporting countries in achieving their objectives in complying with the recommendations of the Financial Action Task Force (FATF).  

On October 21st, the FATF highlighted the Republic of Nicaragua's progress in improving the elements of its anti-money laundering and counter-terrorist financing system covered by its action plan. "Nicaragua has addressed technical deficiencies to meet its action plan commitments with respect to strategic deficiencies in the areas identified by the FATF in February 2020. Therefore, Nicaragua is no longer subject to the FATF's enhanced monitoring process," the organization said in an official statement. Compliance with the strategic deficiencies refers to the fact that they have demonstrated the technical strengthening of their system against the 40 FATF Recommendations on ML/TF/PWMDF prevention.

The financial institution has a special interest in the growth and well-being of Central Americans, which is why, although there are challenges to overcome that are the responsibility of all political, economic and social actors, it renews its commitment as an institution to support efforts that generate a verifiable positive impact through projects that accompany the economic, social and environmental growth of the region and contribute to reducing poverty and inequality and improving the quality of life of Central Americans.