With the ratification of the Free Trade Agreement between the EU and Colombia there will be a financial liberalisation and deregulation which will bring about a high risk of increasing illicit money flows, money laundering and tax evasion. While the European Union is committed to a reform of financial supervision in the context of the current crisis, it is doing the opposite by promoting this trade agreement, which will make it very difficult to introduce an adequate regulation of the financial sector in both regions.