Combating money laundering and smuggling in Colombia

Abstract

Shows how far Colombia has come in achieving its aim of combating contraband, which is not only an illegal activity which reduces fiscal revenue and causes unemployment, but is also linked to money laundering; losses due to tax evasion can reach $1 billion per year. Outlines the strategies against contraband: short‐term measures include harmonisation and cooperation between agencies and the strengthening of the Taxes and Customs National Administration (DIAN), plus increasing the sanctions against criminals; in the longer term, international cooperation and change in the cultural attitudes towards contraband are the necessary developments.

Citation

Ospina‐Velasco, J. (2002), "Combating money laundering and smuggling in Colombia", Journal of Financial Crime, Vol. 10 No. 2, pp. 153-156. https://doi.org/10.1108/13590790310808745