CHILE

On September 22, Senator Felipe Harboe (PPD – opposition) requested that the Financial Markets Commission (CMF, for its acronym in Spanish) be tasked with requesting background information on the FinCEN case. The motion was approved unanimously. In other news, the CMF published a presentation on its website about the institution’s role in handling operational risks and cybersecurity, with a focus on the case of BancoEstado. 

It should be noted that the case in question arose from the investigation published last weekend by the International Consortium of Investigative Journalists, revealing that certain key figures in the global banking world had moved large sums of illicit money over two decades. The report estimates that banks such as HSBC, JP Morgan or Citigroup had omitted crucial controls to prevent money laundering and terrorism financing. 

In this regard, Senator Harboe said that it was important for legislators to have access to “first hand” information. “Information published internationally is not always based on evidence. That is why, as the Senate Economic Committee, before making any pronouncement or request, what we have asked is for the regulator, who has or should have the information, to tell us what they have found out,” he said.