Bolivian congress is considering a bill of Law whose objective is to draw up a strategy to fight against the legitimization of illicit profits and the financing of terrorism.
According to the project, the strategy seeks to detect and repress illicit activities that constitute a serious threat to the financial system and institutions. The proposal defines the legitimization of illicit proceeds and financing of terrorism as crimes that generate non-genuine economic dynamics.
The Financial Investigations Unit must monitor the fulfillment of the actions foreseen in the strategy and report to the National Council for the Fight against the Legitimization of Illicit Profits and the Financing of Terrorism[1] for the purposes of evaluating its execution.
To achieve this objective, entities involved in the implementation of the strategy should report their progress and provide UIF with any required information. Customs is responsible for controlling incoming and outgoing money, in order to impose sanctions to those who do not submit the corresponding affidavit before the entity or in case the affidavit is imprecise.
[1] The National Council is made up of the Ministry of Justice and Transparency, the Ministry of Government, the Public Ministry, the State Comptroller's Office, the Financial Investigations Unit, the State Attorney's Office and Representatives of Organized Civil Society. This council has the mission of implementing measures to combat and prevent corruption in the public sphere, which are framed in the National Anti-Corruption Plan 2017-2022.