Financial Crime World

Army Colonel José Sánchez Marín: A Case of Suspicious Banking Activity

Background

In 2005, Banco Continental del Perú (BCP) sent a suspicious transaction report to the Unidad de Inteligencia Financiera (UIF), Peru’s financial intelligence unit. The report highlighted irregularities in the banking history of Army Colonel José Sánchez Marín.

Sánchez Marín’s Banking Activity

  • In 2005, BCP reported that Sánchez Marín had made investments in Credicorp, Backus, and Telefónica that could not be supported by his income.
  • In 2008, BCP issued another report on Sánchez Marín, showing that he had received $11 million in payments to his account after being appointed mayor of the provincial capital of Bagua in the region of Amazonas.

Concerns about Financial System Integrity

The UIF documents raise concerns about whether the financial system has fulfilled its requirement to maintain a high level of integrity in its personnel. Specifically, they point out cases where BCP and BBVA employees were linked to organized crime groups:

  • Four Cases: OjoPúblico found four cases in which BCP and BBVA employees belonged to organized crime groups.
  • BCP Employee as Financial Advisor: In one case, a BCP employee in Chimbote was identified as a mafia group’s “financial advisor” and injected millions of dollars into the system through irregular transfers from Colombia.
  • BBVA Manager Linked to Prostitution Ring: Another case linked a BBVA manager to an alleged prostitution ring involving minors.
  • Large-Scale Drug Smuggling: A third case involved a BBVA client that was involved in one of the largest attempted drug shipments in Peruvian history.

Implications

The text suggests that there may be connections between high-ranking officials and organized crime groups in Peru’s financial sector. This raises serious concerns about the integrity of the financial system and the potential for money laundering and other illicit activities.