Bolivia
Last Updated: 01/09/2009
CENTRAL AUTHORITY FOR REPORTING
The Financial Investigations Unit (Unidad de Investigaciones Financieras - UIF) is an autonomous unit which is part of the structure of the Supervising Authority of the Financial System.
OTHER ANTI-MONEY LAUNDERING REGULATOR(S)
Governmental departments which merely enforce, but do not regulate money-laundering activities:
ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?
There is no legislation that affects lawyers directly. The only laws that are applicable to lawyers are the ones that apply to all citizens.
LIST THE LAWS REGARDING ANTI-MONEY LAUNDERING, INDICATING WHICH LAWS ARE APPLICABLE TO LAWYERS.
Please note that the following pieces of legislation are only available in Spanish.
- Law of the Penal Procedure Code No. 1970,1999;
- Law Modifying the Penal Code No. 1768, 1997;
- United Nations International Convention for the Suppression of the Financing of Terrorism, Approved by Law No. 2279;
- Supreme Decree on Regulations of the Financial Intelligence Unit No. 24771, 1999;
- Supreme Decree No. 28956, 2006;
- Supreme Decree on Organizational Structure for the Fight Against Corruption and Illicit Enrichment No. 28695, 2006;
- Supreme Decree on the Registry, Control and Administration of Seized Goods No. 29305, 2007;
- Supreme Decree No. 29681, 2008 on the Obligation to Declare the Importation and Exportation of Currency and Rules of Registry and Control;
- Supreme Decree No. 138, 2009 on the Procedure to Determine the Jurisdiction and the Application of Seizure on the Patrimony and Goods Used or Involved in Terrorism, Sedition and Armed Uprisings Against the State’s Safety or Sovereignty.
ARE VISITING LAWYERS SUBJECT TO LOCAL LAWS REGARDING ANTI-MONEY LAUNDERING, AND, IF SO, TO WHAT EXTENT?
There is no legislation that affects visiting lawyers directly. The only laws that are applicable to visiting lawyers are the ones that apply to all citizens.
LIST ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS (FOR EXAMPLE, LAW SOCIETY OR BAR ASSOCIATION GUIDELINES) CURRENTLY IN PLACE.
There are currently no guidance notes for lawyers.
IS THE LAW SOCIETY/BAR ASSOCIATION INVOLVED IN SUPERVISING OR ENFORCING COMPLIANCE WITH ANTI-MONEY LAUNDERING REGULATIONS?
No.
DESCRIBE CLIENT DUE DILIGENCE REQUIREMENTS, INCLUDING WHEN IT MUST BE UNDERTAKEN BY LAWYERS.
There are no specific requirements applicable to lawyers regarding client due diligence.
DOES YOUR COUNTRY FOLLOW A RISK-BASED APPROACH TO CLIENT DUE DILIGENCE BY LAWYERS?
There is no risk-based approach to client due diligence by lawyers.
ARE THERE ENHANCED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, POLITICALLY EXPOSED PERSONS?
There are no enhanced due diligence measures for certain type of clients.
ARE THERE SIMPLIFIED DUE DILIGENCE MEASURES FOR CERTAIN TYPES OF CLIENTS, FOR EXAMPLE, LISTED COMPANIES?
There are no simplified due diligence measures for any type of clients.
ARE LAWYERS PERMITTED TO RELY ON THIRD PARTY DUE DILIGENCE? IF YES, PLEASE DESCRIBE.
Lawyers are not prohibited from relying on third party due diligence.
WHEN IS A LAWYER UNDER AN OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS?
There is no specific obligation on lawyers to report suspicious transactions.
A lawyer is subject to a general obligation to report any criminal act known in the exercise of his professional duties.
DOES ATTORNEY/CLIENT PRIVILEGE AND/OR DUTIES OF CONFIDENTIALITY PROVIDE A DEFENCE OR PARTIAL/TOTAL EXCEPTION TO THE REQUIREMENT TO REPORT SUSPICIOUS TRANSACTIONS?
Lawyers are prohibited from disclosing information obtained from their clients under professional privilege.
DOES LOCAL LAW PROVIDE ANY CRIMINAL AND/OR CIVIL INDEMNITY TO A LAWYER WHO HAS REPORTED A SUSPICIOUS TRANSACTION?
No.
ONCE A SUSPICIOUS TRANSACTION REPORT HAS BEEN FILED, IS A LAWYER ALLOWED TO PROCEED WITH THE LEGAL ADVICE/TRANSACTION, AND, IF SO, MUST CONSENT FROM AUTHORITIES BE OBTAINED FIRST?
N/A.
IS THERE A TIPPING-OFF PROHIBITION? IF YES, PLEASE DESCRIBE.
No.
DESCRIBE ANY RESTRICTIONS ON ACCEPTING A NEW CLIENT.
There are no restrictions on accepting a new client.
ARE THERE ONGOING MONITORING REQUIREMENTS FOR EXISTING CLIENTS? IF YES, PLEASE DESCRIBE.
No.
DESCRIBE ANY OTHER WAYS IN WHICH LAWYERS ARE AFFECTED BY ANTI-MONEY LAUNDERING LEGISLATION.
There is no available information.
HAVE LAWYERS IN YOUR JURISDICTION BEEN IMPLICATED IN MONEY LAUNDERING, INCLUDING ANY TYPE OF COMPLAINT, ARREST OR PROSECUTION?
There is no available information.
HAS THE FINANCIAL ACTION TASK FORCE (FATF) CONDUCTED A MUTUAL EVALUATION OF THIS COUNTRY, AND, IF SO, WHAT WERE THE FINDINGS CONCERNING LAWYERS’ COMPLIANCE WITH THE FATF 40+9 RECOMMENDATIONS?
GAFISUD released a report in 2006 concerning the AML legal framework in Bolivia and how it measured up to the FATF 40 + 9 Recommendations. The report stated that currently the predicate offences of money laundering are insufficient as several of the offences are not mentioned in the law.
Bolivian authorities additionally lack the ability to identify, freeze or size assets linked to terrorist organizations, severely impending the fight against terrorism in Bolivia.
In respect to lawyers, the report highlights the need for AML legislation to impose client due diligence and reporting obligations onto the legal profession.
According to the US State Department, the Egmont Group in December 2008 officially expelled Bolivia from the list of international network of Financial Intelligence Units due to ‘noncompliance with the international mandate to have appropriate legislation. To regain membership, Bolivia will need to reapply and provide written evidence of the UIF’s compliance with Egmont requirements.
Information supplied by:
Rodrigo Rivera
Guevara & Gutiérrez S.C Servicios Legales
Oficina La Paz
Calle 15 No. 7715
Esquina Calle Sánchez Bustamante
Torre Ketal, Piso 4 Oficina No. 2
Casilla Postal 9332
La Paz – Bolivia
General Email:
abogados@gg-lex.com
Website:
www.gg-lex.com