Financial Crime World

Financial Crime and Compliance in Peru: Latest Trends and Strategies

Progress Made Against Financial Crime and Money Laundering

Peru has made significant progress in combating financial crime and money laundering in recent years. However, challenges remain in detecting and preventing these illicit activities.

The Scale of the Problem

Between January 2007 and March 2016, assets worth over $12.9 billion were laundered through Peruvian banks, according to the Bank Association of Peru (ASBANC).

Government Measures to Prevent Money Laundering and Combat Terrorist Financing

The Peruvian government has implemented various measures to prevent money laundering and combat terrorist financing, including:

  • Creation of the Financial Intelligence Unit (FIU-Peru): a specialized unit within the Superintendence of Banking and Insurance (SBS) responsible for detecting and preventing money laundering.
  • Broad powers under Peruvian law: FIU-Peru has the ability to request information from banks, notaries, real estate agencies, and other entities.
  • Collaboration with the Public Prosecutor’s Office and judiciary: FIU-Peru works closely with these institutions to investigate suspicious transactions and prosecute individuals involved in financial crime.

Key Players in Peru’s Anti-Money Laundering Efforts

Some of the key players in Peru’s anti-money laundering efforts include:

  • National System of Public Registries (SINARP): provides information when needed for the fulfillment of FIU-Peru’s functions.
  • Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT): coordinates and plans actions aimed at preventing and combating money laundering and terrorist financing.

International Cooperation

Peru’s anti-money laundering efforts are guided by international standards set by the Financial Action Task Force (FATF). In its latest evaluation report, the FATF praised Peru for its progress in implementing measures to prevent money laundering and combat terrorist financing. However, the report also identified areas where improvements are needed, such as increasing transparency and cooperation between financial institutions.

Conclusion

While challenges remain, Peru’s efforts to combat financial crime and money laundering have made significant strides in recent years. Continued cooperation and coordination among government agencies, financial institutions, and other stakeholders will be crucial in ensuring that these efforts are effective and sustainable.