Financial Crime World

Financial Crime Investigation Process in Peru: A Struggle Against Money Laundering

Lima, PERU - Combating Illicit Activities in the Economy

Peru has long been plagued by illicit activities that have a significant impact on its economy. Despite efforts to strengthen laws and institutions, money laundering remains a persistent problem. In this article, we will delve into Peru’s financial crime investigation process, highlighting challenges and successes in the war against money laundering.

The Problem of Money Laundering in Peru

According to the Bank Association (ASBANC), between 2007 and 2016, assets worth over $12.9 billion were laundered in Peru. This staggering figure emphasizes the need for effective measures to combat this illicit activity.

Key Statistics:

  • Assets laundered in Peru: $12.9 billion
  • Period: 2007-2016

The Financial Intelligence Unit of Peru (FIU-Peru)

In 2002, the FIU-Peru was created to tackle money laundering, giving it broad powers to detect and prevent this activity. Its regulation is rooted in international standards set by the Financial Action Task Force (FATF).

Key Features:

  • Broad powers to detect and prevent money laundering
  • Regulation based on international standards

Challenges in Combating Money Laundering

Despite efforts to strengthen institutions, challenges persist. The National Registry of Peru (SUNARP) has been accused of not being fully integrated into the anti-money laundering system.

Key Concerns:

  • Lack of integration with the anti-money laundering system
  • Limited effectiveness in combating money laundering

The Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT)

Established in 2011, CONTRALAFT is chaired by the Ministry of Justice and Human Rights. Its objective is to coordinate actions between public and private entities to prevent and combat money laundering crimes.

Key Objectives:

  • Coordinate actions against money laundering
  • Improve transparency and effectiveness

Progress in Strengthening the Financial Crime Investigation Process

Despite challenges, Peru has made progress in strengthening its financial crime investigation process. The creation of the FIU-Peru and CONTRALAFT demonstrate a commitment to combating money laundering and improving transparency.

Key Achievements:

  • Creation of the FIU-Peru
  • Establishment of CONTRALAFT

Conclusion

Peru’s financial crime investigation process has made significant strides in combating money laundering. However, more work needs to be done to address the complexities of this illicit activity. The country must remain vigilant and adaptable to stay ahead of threats to its economy.