Financial Services Advisor

Michael Diaz, managing partner, and Javier Coronado, associate attorney, both at Diaz, Reus & Targ: “The region is on fire, and the response is woefully weak. Countries continue to face gaps in the effective prosecution of money laundering, as well as in complying with ownership information and customer due diligence requirements. Evasion of detection and active concealment have increased. The expertise in detecting complex financial crimes is constantly confronted by the growth and sophistication of the informal networks used by money launderers. New technologies and the rapid use of mobile payments and virtual currencies have created additional risks. The region faces additional challenges stemming the tide of illicit proceeds from narcotics trafficking, public corruption, contraband smuggling, tax evasion, illegal gold mining and logging, and other crimes. The expansion of Hezbollah’s activity in the Tri-Border Area between Argentina, Paraguay and Brazil, and in Venezuela, combined with the endurance of terrorist organizations such as Ejército de Liberación Nacional (ELN) and Sendero Luminoso, should spur further cooperation between government agencies and…”