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Forum on money laundering and financial crimes to be held in Costa Rica

Forum on money laundering and financial crimes to be held in Costa Rica
Photo: News in America

February 7th |

Costa Rica will host the World Compliance Forum in early March, which will address the most innovative tools against financial crime, organizers announced today.

The event, organized by the Foundation for the Study of Money Laundering (Felade), in alliance with the University for Peace, will be held on March 2 and 3, in person at the Costa Rica Marriott Hotel, but will also have a virtual space.

Felade and the University for Peace announced that 350 compliance officers and specialists from Latin America have already confirmed their attendance, while they added that the broad agenda of conferences and panels will be in charge of more than 20 outstanding specialists from Mexico, Peru, Colombia, Panama, Chile and Costa Rica.

According to the organizers, the Forum, whose theme will be The Age of Digital Compliance, is a unique window on the latest legislative developments and the most innovative tools to protect entities from money laundering, fraud and financial crime.

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They also said that participants will address topics such as metaverse, cryptoassets, artificial intelligence for fraud prediction and detection and digital threats and vulnerabilities.

The president of Felade, José Quesada, said that the entry into the digital world has placed us in front of new threats and therefore, he said, it is very important that we begin to visualize the real risks that exist at the level of new digital platforms.

Beyond the clear knowledge we have of crimes on the physical level, we need to better understand where crimes are migrating to in the virtual part and that is why this Forum is focused on current issues such as cryptocurrencies and will analyze successful cases in the financial industry and the prevention of money laundering, Quesada said.

For his part, the rector of the University for Peace, Francisco Rojas, said that organized crime and its activities, such as money laundering, are the greatest threats to democracy in Latin America.

For this reason, the event represents an opportunity to debate these issues with experts and offer new perspectives on the fight against organized crime for professionals and decision makers in the region. The organizers said that among the most relevant conferences of the Forum are The use of artificial intelligence for fraud prediction and detection, Web3 and the metaverse and Cryptocurrencies and their tax treatment.

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In addition, they added, there will be panels on illicit financial flows, tax transparency, the outlook for the legality of cryptoassets, and regulatory prospects for 2023.

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Central America

U.S. and Regional Allies Back Panama Amid Dispute With China

The United States, Bolivia, Costa Rica, Guyana, Paraguay and Trinidad and Tobago issued a joint statement in support of Panama’s sovereignty, arguing that China’s recent actions represent an attempt to politicize maritime trade and undermine the sovereignty of nations in the hemisphere.

“We are closely monitoring China’s selective economic pressure and recent actions affecting vessels flying the Panamanian flag,” the statement released Tuesday said. “Panama is a pillar of our maritime trading system and, as such, must remain free from undue external pressure.”

The statement comes amid growing tensions surrounding the Panama Canal and the operation of key ports linked to global trade.

At the end of January, Panama’s Supreme Court invalidated the legal framework supporting the 1997 concession that granted Panama Ports Company, a subsidiary of CK Hutchison, the right to operate the Balboa and Cristóbal terminals located on the Pacific and Atlantic entrances of the Panama Canal.

The ruling followed mounting pressure from the United States to curb Chinese influence around the strategic waterway, through which roughly 5% of global maritime trade passes.

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CK Hutchison, which managed the ports for nearly three decades, rejected the court’s decision and accused Panamanian authorities of illegally confiscating its assets. The company has launched international arbitration proceedings against Panama, seeking more than $2 billion in damages.

Following the court ruling, reports emerged of increased detentions and inspections of Panamanian-flagged vessels in China, actions widely viewed as retaliatory measures.

On Wednesday, China’s Foreign Ministry dismissed the joint statement as “completely unfounded and misleading,” accusing the United States of politicizing port operations and warning that Beijing would take steps to protect its interests in Panama.

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Central America

International Project Tackles Gender Violence in Indigenous Communities in Panama

Efforts to combat machismo and gender-based violence in Panama’s indigenous communities are advancing through international cooperation projects, including an initiative presented this week that is evolving from women’s empowerment toward a new phase focused on educating husbands and sons.

The project, led by the organization HIAS with support from the Spanish Cooperation Agency, is being implemented in the Emberá-Wounaan indigenous territory in the Darién jungle region near the Colombian border.

Originally created to bring state services closer to remote communities, the initiative focused on access to healthcare — particularly sexual and reproductive health services — but later expanded to promote broader access to fundamental rights.

“The project emerged from the understanding that strengthening the rights of the population as a whole was essential to achieving fairer, more cohesive and inclusive societies capable of fighting poverty,” Itziar González, general coordinator of Spanish Cooperation in Panama, told EFE.

HIAS Country Director in Panama Oliver Bush explained that the initiative includes “a very strong component of empowerment for women and adolescent girls in the Emberá-Wounaan communities, aimed at recovering the historical worldview in which women have always played a fundamental role in decision-making within their communities.”

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The program also includes prevention, mitigation and response mechanisms against gender-based violence, an area that will be reinforced during the project’s second phase.

“It will include a component focused on positive masculinities, where we will work with men, because men are an important factor in the prevention and mitigation of gender violence,” Bush said.

According to Bush, the initiative seeks not only to eliminate stigmas and forms of everyday sexism that are often socially and culturally ingrained in men, but also to encourage men to recognize themselves as sensitive human beings capable of contributing to healthier and more equal communities.

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Central America

Guatemala’s President to Hold Private Interviews for Attorney General Candidates

Guatemalan President Bernardo Arévalo de León announced that he will privately interview the six candidates for attorney general this week, breaking with the public format used by former President Alejandro Giammattei.

Speaking during a press conference on Monday, Arévalo said the interviews would not be open to the public because he intends to question candidates about their plans to recover the Attorney General’s Office from what he described as “political-criminal networks.”

Under Guatemalan law, the president is responsible for appointing the country’s attorney general.

The position has been held since 2018 by Consuelo Porras, whose term is set to expire on May 16 after two consecutive terms marked by local and international allegations of corruption.

Arévalo is expected to select the new attorney general later this week from a shortlist recently submitted by a nomination commission.

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The Guatemalan president has repeatedly criticized the Public Prosecutor’s Office, claiming it has been compromised by corrupt political interests.

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