Financial Crime World

Peru Takes Significant Steps in Enhancing Financial Crime Prevention Measures

LIMA, PERU - Peru has made notable strides in strengthening its efforts against financial crimes by implementing the recommendations of the Financial Action Task Force (FATF), a global watchdog on money laundering and terrorist financing.

Assessment Highlights

The assessment highlighted several areas where Peru excelled, including:

  • Establishment of a National Framework: Peru has established a robust national framework for combating money laundering and terrorist financing.
  • Cooperation with International Partners: The country has strengthened its cooperation with international partners to combat financial crimes.

Peru demonstrated significant compliance in key areas such as:

Key Areas of Compliance

  • Money Laundering Offence: Peru has established a comprehensive legal framework that criminalizes money laundering.
  • Confiscation and Provisional Measures: The country has implemented effective mechanisms for confiscating assets linked to financial crimes.
  • Reporting of Suspicious Transactions: Peru has put in place an efficient system for reporting suspicious transactions, enabling authorities to take timely action.

Areas for Improvement

While Peru has made notable progress, there are areas where the country needs to improve:

  • Customer Due Diligence: Peru needs to strengthen its customer due diligence measures to prevent financial crimes.
  • Record Keeping: The country should enhance its record-keeping practices to ensure that financial institutions maintain accurate and complete records.
  • Transparency and Beneficial Ownership: Peru should implement mechanisms to enhance transparency and disclose the beneficial owners of companies and other legal entities.

Commitment to Reform

Peru’s commitment to reform is evident in its willingness to address these areas. The country has already initiated steps to strengthen its customer due diligence measures, improve record-keeping practices, and enhance transparency.

The government’s efforts are expected to yield positive results in the near future. Peru’s progress will be closely monitored by the FATF, which will reassess the country’s compliance with the recommendations at a later date.

Peru’s commitment to combating financial crimes is commendable, and its efforts serve as an example for other countries to follow.