Voters in Colombia today narrowly defeated the referendum on adopting the peace agreement with the Revolutionary Armed Forces of Colombia, more commonly known as the FARC. Compliance officers should be alert for suspicious money movement, coming from, or going to, anywhere, in the aftermath of the FARC defeat at the polls. The FARC makes millions of dollars each month from its extensive narcotics trafficking operation, and reason would suggest that leaders of the designated terrorist organization, who control the narco-profits, have been holding back bulk cash shipments abroad, as well as money laundering through cooperating banks in Panama, awaiting the voting results.
Therefore, be on your toes for some large wire transfers, or cash deposits made by a bank customer who operates a cash-intensive business, or a payment allegedly made for goods to be exported abroad, or any number of suspicious techniques, which may or may not be FARC criminal proceeds.
Contributed by Kenneth Rijock
Chronicles of Monte Friesner