Latin America and Caribbean Struggle with Money Laundering, Despite Strong Legal Frameworks: Report
SÃO PAULO, Brazil – Latin American and Caribbean countries are facing challenges in effectively enforcing anti-money laundering measures, despite having higher adoption rates of legal frameworks compared to the global average, according to a recent report. The 2023 edition of the annual anti-money laundering index produced by the Basel Institute on Governance revealed that the region’s multibillion-dollar criminal economies have turned it into a hub for money laundering. Criminal groups use this region to convert their illicit proceeds into usable assets. Haiti and Venezuela were ranked as the worst performers in the region, with Haiti … Read more