El Salvador: End of the CFATF Third Round Follow-Up Process & CFATF International Cooperation Review Group (CFATF ICRG) Monitoring

The CFATF held its XL Plenary in San Salvador, El Salvador during the week of November 23-28, 2014, during which time four (4) Member countries exited the Third Round Follow-Up Process, completing all their reporting requirements, while one (1) Member country exited the CFATF ICRG monitoring process.

JURISDICTIONS EXITING THE FOLLOW-UP PROCESS

The November 2014 Plenary recognised that El Salvador had made significant progress in addressing the deficiencies identified in their 2010 Mutual Evaluation Report and therefore could exit the follow-up process.

El Salvador adequately addressed the shortcomings identified in the MER for Core Recommendation 5 and Special Recommendation IV and Key Recommendations 23 and 26 and Special Recommendation V, achieving the level of compliance comparable with at least LC. El Salvador also presented advancements in other Recommendations rated in the MER as PC or NC, mainly in the aspects pertaining to Politically Exposed Persons (PEP’s), new technologies, Designated Non-Financial Businesses and Professions (DNFBP’s), the issuing of guidelines and feedback, domestic cooperation and statistics among others.

A detailed analysis of compliance with these Recommendations and progress made with other Recommendations, can be found in the country’s 9th Follow-Up Report.