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The Inter-American Development Bank noted that money laundering in the Latin American region was ”possibly the highest in the world…somewhere between 2.5 and 6.3 percent of the regional gross domestic product. [1]”  Regulatory authorities including the U.S. Department of State [2], the Financial Action Task Force (FATF), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN) have over the past decade called out Bolivia, Colombia, Guatemala, Paraguay, Ecuador, Peru and Venezuela as posing a high risk for money laundering and/or terrorist financing.

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