Financial Crime World

Here is the rewritten article in Markdown format:

Peruvian Banks’ Lack of Due Diligence Exposes $178 Million Money Laundering Scheme

A shocking investigation has uncovered a massive money laundering scheme in Peru, with banks failing to prevent illegal activities and potentially facilitating criminal activity worth millions of dollars.

According to documents obtained by OjoPúlico, the banking system’s lack of due diligence enabled criminals to launder an estimated $178 million through irregular transactions and suspicious accounts.

Banks’ Failure to Prevent Illegal Activities

The investigation found that employees at two major Peruvian banks, Banco de Crédito del Perú (BCP) and Banco Bilbao Vizcaya Argentaria (BBVA), had ties to organized crime groups. In some cases, bank officials allegedly provided financial services to criminal organizations, helping them to launder illicit profits.

Specific Cases of Money Laundering

  • One case involved a BCP employee who was identified as a “financial advisor” for a mafia group. The group used the bank’s system to inject millions of dollars from Colombia through dozens of front men without any financial history or credit.
  • Another case linked a BBVA branch manager to a criminal organization behind a massive drug shipment in Peru. The manager allegedly helped set up the organization’s import and export company, which was later seized by authorities after being used to launder illicit profits.

Banks’ Lack of Transparency

The investigation also found that banks failed to maintain adequate records of their clients’ activities, making it difficult for authorities to track illegal transactions.

Denials from Banks Involved

The banks involved in the scandal have denied any wrongdoing, stating that they maintain high standards in their money laundering prevention systems and comply with authorities fully.

Concerns about Peru’s Financial System

However, the investigation has raised serious concerns about the effectiveness of Peru’s financial system in preventing illegal activities. It highlights the need for greater transparency and accountability from banking institutions to prevent further criminal activity.

Peru’s Financial System Under Scrutiny

This latest scandal adds to a growing list of concerns about Peru’s financial system. In 2001, BCP’s then-Chairman of the Board Dionisio Romero was investigated for contacts with former presidential advisor Vladimiro Montesinos, but his case was eventually dismissed.

In 2017, BBVA client Global Trade Import and Export was seized by authorities after being used to launder illicit profits. The exporter was linked to a criminal organization behind a massive drug shipment in Peru.

Timeline

  • 2001: BCP’s then-Chairman of the Board Dionisio Romero investigated for contacts with former presidential advisor Vladimiro Montesinos.
  • 2010s: Relationships between bankers and organized crime date back further, with employees at both BCP and BBVA linked to criminal organizations.
  • 2017: Global Trade Import and Export, a BBVA client, seized by authorities after being used to launder illicit profits.
  • 2023: Investigation reveals massive money laundering scheme in Peru, with banks failing to prevent illegal activities.