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LATIN AMERICA ADVISOR

Financial AMERICA ADVISOR

A daily publication Of the dialogue

June 30, 2026

Will a Laundering Case Lead to Rule Changes in Chile?

A multi-million-dollar money laundering case in Chile has led to debate over the country’s bank secrecy laws. // File Photo: FranciscoJavier via Adobe Stock.

Q

  • Chilean police detained 19 suspects on June 3, including a Banco Santander employee who allegedly collected extortion payments and routed funds through accounts at several banks in one of the country’s largest Tren de Aragua money-laundering cases, valued at approximately $85 million. The case has reignited debate over Chile’s financial secrecy rules, which date back to the era of Augusto Pinochet’s dictatorship and are among the strictest in the world. What does the case reveal about the depth of organized crime’s penetration of the country’s formal banking sector? To what extent have Chile’s bank secrecy laws shielded criminal financial networks from detection? Will this case lead to changes in those laws, and if so, what types of reforms may happen?

A

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ABOUT THE financial services ADVISOR

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Gene Kuleta
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P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
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board of advisors

Ernesto Armenteros
Vice Chairman
of the Board,
Banco de Ahorro y Credito Union

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

Richard Child
CEO,
Mattrix Group

Michael Diaz
Partner,
Diaz, Reus & Targ, LLP

Ernesto Fernández Holmann
Chairman of the Board,
Ayucus

Desiree Green
Vice President,
Int’l Gov’t Affairs,
Prudential Financial

Earl Jarrett
Deputy Chairman & CEO
The Jamaica National Group

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

Thomas Morante
Attorney,
Carlton Fields

Manuel Orozco
Senior Fellow,
Inter-American Dialogue

Adalberto Palma Gómez
Senior Partner,
Aperture SC

Rodolfo Pittaluga
Adjunct Professor,
Florida International University
College of Law

Roberto Teixeira da Costa
Founder & Board Member Emeritus, CEBRI

Mario Trujillo
CEO,
DolEx Dollar Express

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