Chile presents bill to raise standards for pursuing illicit money trail

Chile presented the bill “Economic Intelligence against Crime” this Thursday, which seeks to raise the standards to pursue the route of illicit money in the country, applying intelligence and sophisticated methods, more information, and traceability of suspicious operations, informed this Thursday local Ministry of Finance.

The Minister of Finance, Mario Marcel, said this day that “for the detection of suspicious behavior, it is essential to analyze microdata based on artificial intelligence methodologies, which allow the identification of anomalies that deviate from what one would expect from a taxpayer who is carrying out a foreign trade or capital flow operation”.

“Then, once this suspicious behavior is identified and based on the tax and financial background and other databases, it is possible to follow the route of the money ‘upstream’ or ‘downstream’; that is, where it comes from and where the money eventually went,” he said.

“And once a behavior is detected close to or indicative of a crime, it is possible to interrupt that flow of money.”

“Of course, there comes a point at which it is passed on to the proper instances of the administration of Justice, such as the Public Prosecutor’s Office. But it is important all the previous work that allows to identify this type of operation”, added the official.

Meanwhile, the Minister of the Interior, Carolina Tohá, added that “one of the ten axes of our National Policy against Organized Crime is to disrupt the economy of crime, to disrupt the business behind the organized crime, which is an economic activity, illegal, but economic, which moves and seeks money”.

“This project attacks the heart of that dimension but also seeks to prevent corruption caused by organized crime, which, where it enters reaches the police, gets into the judiciary, municipalities, parliaments”, he said.

“Therefore, controlling money is also controlling corruption. It is also controlling how this type of gangs, due to the great economic power they have, manage to get into the decision-making networks, corrupting them and lowering the State’s capacity to react,” he said.

This initiative seeks to trace the movements of money from money laundering, financing of terrorism, and other crimes linked to organized crime with different inspection and intelligence tools, plus the lifting of banking secrecy under special rules, expansion of the items that must be reported and robust inter-institutional work, among other aspects, said the Chilean Finance Ministry.

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