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Peru Fails to Meet FATF Recommendations on AML/CFT Compliance
A recent evaluation by the Financial Action Task Force (FATF) has revealed that Peru has failed to meet several recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance. The country received a mixed assessment, with some areas rated as “partially compliant” while others fell short.
Risk Assessment and Risk-Based Approach
Peru was found to be partially compliant in assessing risk and applying a risk-based approach. While it has implemented measures to identify high-risk customers and transactions, there is room for improvement in refining its risk assessment methodology.
- Identified areas for improvement:
- Refining risk assessment methodology
National Cooperation and Coordination
The country received a “compliant” rating for national cooperation and coordination. Peru has established effective mechanisms for sharing information between different authorities, including the Financial Intelligence Unit (FIU).
Money Laundering Offence and Confiscation
Peru was found to be compliant in its laws and regulations related to money laundering offences and confiscation of proceeds.
- Compliant with:
- Laws and regulations related to money laundering offences
- Confiscation of proceeds
Terrorist Financing Offence
The country received a “compliant” rating for its laws and regulations related to terrorist financing offences.
Targeted Financial Sanctions
Peru was found to be partially compliant in implementing targeted financial sanctions related to terrorism and terrorist financing. While it has implemented some measures, there is room for improvement in expanding the scope of targeted sanctions.
- Identified areas for improvement:
- Expanding scope of targeted sanctions
Non-Profit Organisations
The country received a “partially compliant” rating for its regulations regarding non-profit organisations. While it has established some requirements for due diligence and reporting, there are areas where improvements can be made.
- Identified areas for improvement:
- Due diligence and reporting requirements
Financial Institution Secrecy Laws
Peru was found to be partially compliant in implementing laws that ensure financial institution secrecy. While it has implemented measures to protect customer information, there are areas where improvements can be made.
- Identified areas for improvement:
- Customer information protection
The full report is available on the FATF website and outlines several areas where Peru needs to improve its AML/CFT compliance practices. The country’s failure to meet these recommendations may have implications for its international relations and economic cooperation with other nations.