National Strategies Against Money Laundering: Lessons from Uruguay and Relevance for Asia-Pacific

Money laundering remains one of the most pervasive threats to global financial integrity. It is the hidden engine that enables organized crime, fuels drug trafficking, and finances terrorism. Governments worldwide are grappling with how to strengthen their defenses, and Uruguay’s newly launched national strategy offers timely insights into the scale of the challenge—and the urgency of addressing it.

Uruguay’s Bold Step Forward

In August 2025, the Uruguayan government unveiled its National Strategy to Combat Money Laundering, Terrorism Financing, and Weapons Proliferation, a five-year action plan running through 2030. The strategy is built on the findings of the country’s 2024 National Risk Assessment, which highlighted drug trafficking, corruption, and even the trade of soccer players’ transfer rights as major channels for laundering illicit funds.

The need for stronger action is clear. While Uruguay recorded 52 money laundering convictions in 2019, that number dropped to just eight this year. At the same time, the country has faced record-breaking seizures of narcotics, including a 2.2-ton cocaine bust in Montevideo and Canelones, one of the largest in its history.

To strengthen its response, Uruguay is combining institutional reforms with operational coordination. Its new national strategy focuses on tightening laws, improving prevention mechanisms, and empowering the Financial Information and Analysis Unit (which handled nearly 1,000 suspicious transaction reports last year). In parallel, the Integrated System for Combating Organized Crime and Drug Trafficking (SILCON) is bringing together ministries and law enforcement agencies to coordinate intelligence in real time.

The message from policymakers is clear: results must be tangible, not just procedural.

Global Parallels: Why This Matters Beyond Latin America

Uruguay’s move reflects a global reality. The effectiveness of any anti-money laundering (AML) framework depends not only on laws and regulations but also on how well governments enforce them and how effectively institutions coordinate intelligence.

Across Europe, North America, and increasingly Africa, national strategies are evolving to include:

• Risk-based supervision aligned with FATF recommendations

• Stronger public-private partnerships between financial institutions, regulators, and law enforcement

• Enhanced data analytics and technology adoption, enabling real-time monitoring and cross-border cooperation

For Uruguay, as for other nations, the key test will be whether these strategies translate into more investigations, prosecutions, and dismantling of transnational criminal networks.

The Asia-Pacific Connection

While Uruguay may seem far from Asia-Pacific, the challenges it faces echo loudly across the region. APAC jurisdictions, home to some of the world’s fastest-growing economies and financial hubs, are frequent targets of organized crime syndicates seeking to launder proceeds through real estate, gaming, trade finance, and digital assets.

Examples from the region illustrate the parallels:

• Singapore and Hong Kong: Both financial centers have stepped up AML measures in response to complex money laundering scandals involving billions flowing through shell companies and property markets.

• Philippines: The 2016 Bangladesh Bank heist, where $81 million was laundered through Manila casinos, remains one of the most infamous cases of AML system exploitation.

• Australia: Regulators have increased pressure on banks, casinos, and fintechs following multiple breaches of AML obligations, with penalties reaching into the billions.

• Indonesia and Thailand: Cross-border drug trafficking and smuggling operations continue to use local banking systems and informal remittance channels for laundering.

Just as in Uruguay, the issue often lies not in the absence of regulations—many APAC nations already follow FATF guidance—but in achieving concrete enforcement outcomes. Convictions and asset recoveries remain relatively low compared to the scale of illicit flows.

Lessons for Asia-Pacific Policymakers

Uruguay’s strategy offers three key lessons for APAC jurisdictions:

1. National Coordination Is EssentialJust as SILCON unites Uruguay’s ministries, APAC countries must strengthen inter-agency collaboration. Many fraud and laundering schemes exploit silos between regulators, law enforcement, and financial intelligence units.

   
   

2. Concrete Results Over Formal ComplianceHaving frameworks on paper is not enough. Success must be measured in terms of investigations launched, assets seized, and criminal networks disrupted—areas where many jurisdictions still struggle.

   
   

3. Technology as a Force MultiplierUruguay’s focus on intelligence and suspicious transaction reporting mirrors APAC’s growing investment in RegTech and SupTech. From AI-driven transaction monitoring to blockchain analytics for tracing illicit crypto flows, technology can enable faster, smarter responses.

   
   

Conclusion

Uruguay’s national strategy is a reminder that fighting financial crime requires more than regulations—it requires determination, coordination, and innovation. The same holds true for Asia-Pacific, where rapid economic growth and digital adoption create both opportunities and vulnerabilities.

As criminal networks grow more sophisticated, national strategies must go beyond compliance checklists. They need to deliver real-world impact: protecting economies, safeguarding institutions, and ensuring that illicit funds cannot move freely across borders.

For APAC policymakers, regulators, and financial institutions, the lesson is clear: the time to strengthen national frameworks and regional collaboration is now. The cost of inaction is far greater than the investment required to stay ahead of financial crime.