Peru Cracks Down on Money Laundering with New Laws

Peru’s Commitment to Combating Financial Crimes

The Peruvian government has taken significant steps to combat money laundering in the country, introducing new laws and regulations aimed at preventing financial crimes. The FinCEN Director’s statement highlights that Peru’s Anti-Money Laundering (AML) Act implementation is progressing steadily.

Key Provisions of the AML Act

• Beneficial Ownership Identification: Financial institutions are required to identify and verify the beneficial owners of entities they deal with, including obtaining and maintaining accurate information about the individuals who ultimately own or control these entities.
• Suspicious Transaction Reporting: Banks and other financial institutions must report suspicious transactions, including those related to the arts and antiquities sector. The new rules aim to prevent the laundering of proceeds from illicit activities through the purchase and sale of art and cultural artifacts.

Enhanced Anti-Money Laundering Programs

Peru has implemented a beneficial ownership information reporting system, which requires companies to disclose their ultimate beneficial owners. This information is stored in a database that can be accessed by law enforcement agencies and other authorized entities.

Swift Identification and Investigation of Money Laundering Schemes

The Peruvian government has established a system for sharing suspicious activity reports (SARs) among financial institutions and with law enforcement agencies. This allows for the swift identification and investigation of potential money laundering schemes.

Conclusion

Peru’s efforts to combat money laundering are seen as an important step towards improving transparency and preventing financial crimes in the country. The new laws and regulations are designed to enhance the effectiveness of anti-money laundering programs and protect the integrity of the financial system.