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Due to the good practices in Financial Management, Colombia is closer to join OECD

In its intention to join the OECD, the club of the most influential countries in the world, Colombia took another giant step being endorsed by the Financial Markets Committee (FMC) of this organization. The OECD includes the best practices of countries in different areas of social development including education, infrastructure, health and the workplace environment, among others. Currently there are 33 countries and Colombia would be the 34. From Latin America are Mexico and Chile.

The management of the domestic financial system was recognized by the FMC about the following practices: how it generates statistics, how it manages the tax systems or how to control emissions to the environment. Colombia has to go through 23 different committees; all demanding different areas from Public Policy, under the standards of the organization.

The Financial Markets Committee (FMC) recognized the quality of financial regulation and supervision performed in Colombia. In order to carry out the accreditation from the CMF, Colombia has three supervisory agencies: the Financial Supervisory Authority, the Bank of the Republic and the Ministry of Finance.

Colombia has a strong, well supervised and safe financial system and it is in line with the standards of the OECD. There are 15 steps remaining to be achieved, so during 2016 is expected to complete the process to join the Organization.

2017-09-18T16:04:58+00:00 24/11/2015|Latest news|