Legal obligations to prevent money laundering for NGOs

por Jorge Andrés Cóbar | Nov 29, 2023 | RRSS | 

The “Guide for the prevention of money laundering and terrorist financing aimed at Non-Profit Organizations (NPOs)” presents several highlights, the most relevant elements of each section are summarized below:

  1. Introduction and LDA/FT/FPADM Prevention System: Explains the importance of prevention systems to mitigate the risks associated with money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction. Highlights the need to identify and manage risks specific to each organization.
  2. International and National Regulatory Framework: Details the obligations derived from the recommendations of the Financial Action Task Force (FATF) and national legislation, emphasizing the need for prevention in NPOs; establishing that the 40 FATF recommendations are binding for our legislation.
  3. Tools for a Prevention System for NPOs:
  • Risk Analysis and Risk-Based Approach: Highlights the importance of the risk-based approach and the development of specific risk matrices for NPOs.
  • Risk Mitigation: Includes the appointment of a compliance officer, conducting due diligence on the client or counterparty, and reporting.
  • Self-regulation and Good Internal Governance: Addresses the need for manuals for the prevention of AML/TF/FPADM, program control and monitoring systems, and the promotion of a culture of integrity, training and transparency.

This guide is a comprehensive resource that provides NPOs with a clear understanding of their responsibilities and best practices in preventing money laundering and terrorist financing, following a risk-based approach and emphasizing the importance of regulatory compliance and good governance. internal.

It is necessary that your money and asset laundering risk prevention system be prepared by experts in the field and that it be a system created exclusively for your institution. At Bufete Cóbar we have the team and experience to advise, create and train its PLDA system in accordance with current regulations and under international standards. Contact us and do not risk administrative and/or criminal sanctions for deficiencies in compliance with money laundering legislation.

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