US Department of State values Uruguay progress combating money laundering

By Pittaluga Abogados

The United States Department of State published the 2018 International Narcotics Control Strategy Report (INCSR), an annual report prepared to Congress in accordance with the Foreign Assistance Act. It describes the efforts of key countries to attack all aspects of the international drug trade in Calendar Year 2017.

In Uruguay’s segment, the report values the country’s commitment to combating money laundering by passing new legislation, enforcing laws, and strengthening relevant regulatory agencies. “The result is an overall improvement in fiscal transparency and international cooperation”, it states.

The report also calls the country to increase transparency regarding non-financial entities, improve its AML system of analysis, provide for criminal liability for legal persons, and improve the management and disposition of seized assets and funds.