The Financial Crimes Enforcement Network (EndCEN), from the United States, and the Financial Superintendence of Colombia (SFC) signed a memorandum of understanding of cooperation, assistance and exchange of information for the prevention of money laundering and the fight against the financing of terrorism – LA/TF.
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According to the Superfinanciera, the agreement will allow these authorities to continue promoting, within the scope of their powers, the detection, protection and compliance with legal requirements regarding ML/TF and thus ensuring the integrity of the financial systems in both jurisdictions.
The Colombian supervisory entity said that additionally, this memorandum will facilitate the assistance and exchange of information related to the ML/TF supervisory responsibilities of each authority and contemplates institutional cooperation actions in terms of technological resources and analytical to contribute to the fulfillment of the mission objectives of the parties.
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In the development of this agreement, aspects related to the own management of FinCEN and the SFC may also be shared, such as findings, report statistics, best practices and other data related to the prevention of ML/FT for exclusively supervisory purposes and in application. of the respective legal frameworks.
FinCEN is the office of the United States Department of the Treasury with competence for administer and enforce the Bank Secrecy Law and its regulations. FinCEN is also responsible for the ML/TF supervision of financial institutions and other entities defined by the Bank Secrecy Law and other authorities. Additionally, it is the United States Financial Intelligence Unit.
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