UIAF is the organization that controls and detects all Colombian money laundering and terror financing activities. Recently, the following organization has postponed the date for crypto transactions reporting resolution.
Previously, the Colombian unit had set the date for receiving these reports on 1st April. Now they’ve delayed these reports to 1st June. As of now, we don’t have the exact reason for the delay. Moreover, the new resolution establishes the postponement states:
“In order to ensure that the submission of reports to the UIAF is complete and meets the information needs of the entity, the need to extend the reporting start date was considered.“
The UIAF had considered the need of overseeing crypto transactions in Resolution 314. According to that resolution, users had to report single transactions worth over $150 and groups of transactions worth over $450. Due to this, the organization said:
“Virtual assets have created a situation that merits the intervention of the UIAF, to the extent that, although they are operations that in Colombia are not illegal by themselves, they can lend themselves to illicit activities, due to the anonymity or pseudonymity in the transactions, the absence of support from the central bank and the non-recognition as an instrument that has liberating power.“
However, the resolution had to face a tough time since several crypto-related personalities had sharp opinions on it. Basically, this resolution forces an exorbitant amount of data delivered to the institution. Alejandro Beltran, Country manager for Buda.com said:
“Reporting from USD $150 would contemplate a large volume of transactions, and the other associated data goes far beyond even the information that the exchanges themselves can handle about the operations.“