Closing the Net on Financial Crime: Navigating anti-money laundering and corruption legislation in Latin America.

Read or download PDF of Overview Chapter here


The fight against money laundering has been a global effort for 30 years now, since developed nations began to recognise the increasingly sophisticated methods used by criminals and terrorists to legitimise their earnings.

The group of G-7 nations were the first to respond by creating an international body dedicated to the fight against money laundering, namely the Financial Action Task Force (FATF). Since then the FATF has grown to 37 member countries with a number of associate groups attached, one of which is the Financial Action Task Force of Latin America.

Latin America has long been associated with money laundering and corruption, given its problems with drug trafficking, poverty and civil unrest. The spotlight was only intensified by the Panama Papers ‘Scandal’ that hit in 2015.

Bodies such as the FATF have sought to develop a framework of recommendations for governments to follow in order to combat the money laundering threat, although it has been slow going.

In recent years though, the more progressive Latin American countries have made serious efforts to step up their fight against money laundering and corruption, with some high profile results. The backing of international bodies such as the FATF, plus supra-national organisations like the US Department of the Treasury’s Financial Crimes En- forcement Network (FinCEN), has been crucial to the fight.

In this inaugural IR Global Virtual Series for Latin America, we focus on recent developments in AML and corruption legislation. We have chosen a small group of respected experts from four countries in the region to discuss the topic, debating legislative changes and the influence of foreign policies with the aid of examples. We also consider the steps Latin American countries are taking to improve their image with the rest of the global community.

Contributors include Diaz Reus Founding Patner Robert I. Targa highly successful international and domestic litigator for individuals and institutions in complex, high-stakes money laundering, fraud, white-collar criminal defense, and customs cases.

Read here: virtual roundtable on Global Latin America Virtual Series publication on the ’Closing the Net on Financial Crime: Navigating anti-money laundering and corruption legislation in Latin America.