Paula Triana Sáenz

Money Laundering and Terrorist Financing Risk Management Paula Triana Sáenz

Money laundering and terrorist financing in Colombia represent a threat to the financial stability and integrity of entities. Due to their global influence they can be used in the management of resources tending to finance or sustain armed groups outside the law, or from their members who obtain money legally or illegally, generating consequences that can destabilize financial markets, increase country risk, increase corruption and violence, which deteriorate the economy and policies of the country. Currently, activities related to money laundering and financing of terrorism represent risks because of the origin of their funds and the destination of the money, evidencing unusual phenomena mainly in the illegal mining of coal, construction materials and precious metals, causing negative consequences by not implementing preventive strategies against the inherent threat, generating certain irregularities due to non-compliance with the rules, regulations and contracts established by the regulatory entities for the prevention and detection of such activity.