Financial Crime World

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Financial Crime Prevention Strategies in Peru Prove Effective Despite Challenges

LIMA, PERU - The war against financial crime has been ongoing in Peru for decades, with the country making significant strides in preventing money laundering and combating financing of terrorism.

A Staggering Amount of Assets Laundered

According to data from the Bank Association (ASBANC), a staggering $12.901 billion in assets have been laundered in the country since 2007.

Peru’s Commitment to Combating Financial Crime

Peru’s efforts to combat financial crime date back to 1988 when it signed the United Nations Convention, also known as the Vienna Convention. This move aligned Peru with international strategies aimed at criminalizing illicit activities and penalizing money laundering linked to drug trafficking and other crimes.

The Financial Intelligence Unit of Peru (FIU-Peru)

To tackle this issue, Peru created the FIU-Peru, a specialized agency responsible for receiving, analyzing, and transmitting information related to money laundering and financing of terrorism. The unit was established through Act 27693 in 2002 and is overseen by the Superintendence of Banking and Insurance (SBS).

Key Roles and Responsibilities

  • FIU-Peru plays a crucial role in detecting suspicious transactions through reports from banks, notaries, real estate agencies, and other institutions.
  • The unit analyzes this information and refers it to the Public Prosecutor’s Office and ultimately to the judiciary.

Guidelines and Recommendations from the Financial Action Task Force (FATF)

The FATF is an international organization that sets standards for combating money laundering and financing of terrorism. Guidelines and recommendations from the FATF have been instrumental in shaping Peru’s financial crime prevention strategies.

National System of Public Registries (SINARP)

In addition, the National System of Public Registries (SINARP), which falls under the National Superintendence of Public Registries (SUNARP), provides information and technical support to the FIU-Peru as needed. SUNARP is also part of the Multisectorial Executive Commission against money laundering and financing of terrorism, CONTRALAFT.

Challenges Persist, But Commitment Remains Unwavering

Despite progress made in preventing financial crime, challenges persist. However, Peru’s commitment to combating money laundering and financing of terrorism remains unwavering, with ongoing efforts to strengthen its financial crime prevention strategies and improve cooperation between public and private entities.

References

  • ASBANC
  • United Nations Convention (Vienna Convention)
  • Act 27693
  • Superintendence of Banking and Insurance (SBS)
  • Financial Action Task Force (FATF)