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Money laundering in Latin America is growing, while some anti-money laundering laws are hurting legal businesses, experts say.  (Photo: UNODC)
Monday, November 24, 2014
Special Reports

Latin America: Money Laundering Grows

Growing crime and weak enforcement boost money laundering in Latin America.

BY JOACHIM BAMRUD

Money laundering is growing in Latin America despite growing enforcement by both US and Latin American authorities, experts say.

Money laundering has grown and will continue to grow in the region,” says Michael Diaz, Global Managing Partner of Diaz Reus.

“It grows every year,” says Martin Kenney, Managing Partner of Martin Kenney & Co.  “The demand for money laundering services to conceal the fructus sceleris (the fruits of fraud or corruption) does not relax.”

Money laundering in Latin America has risen during the last year overall, says Annette C. Escobar, a partner at Astigarraga Davis.  “Colombia, Panama, and Brazil continue to be hotbeds for money laundering notwithstanding efforts by at least Brazil and Colombia in this past year to reduce such activity,” she says.

Frank Holder
, Chairman of FTI Consulting Iberoamerica, agrees that money laundering in Latin America is rising. “Due to its very nature, an accurate ...

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Keywords: AML, Astigarraga Davis, Brazil, Colombia, Diaz Reus, FATF, Freshfields Bruckhaus Deringer, FTI, GAFILAT, Greenberg Traurig, HSBC, Martin Kenney & Co, Mexico, OECD, Panama, Reed Smith, Venezuela



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