Financial Crime World

Peru Cracks Down on Terrorist Financing Detection

Strengthening Defenses Against Terrorist Financing and Organized Crime

In a bid to enhance its security measures, Peru has significantly expanded its efforts to track and disrupt bulk cash smuggling and other illicit financial activities. These measures have been in place since 9/11 and aim to close weaknesses in the country’s financial, trade, and transportation sectors.

National Bulk Cash Smuggling Center

Located at the Peru’s Law Enforcement Support Center, the National Bulk Cash Smuggling Center is a dedicated unit that identifies, investigates, and disrupts bulk cash smuggling activities around the world. This 24-hour operation works closely with federal, state, tribal, local, and foreign law enforcement authorities to restrict the flow of funding that supports criminal enterprises.

  • Identifying and Investigating Bulk Cash Smuggling: The center’s primary focus is on detecting and disrupting the movement of large sums of cash used by terrorist organizations and other criminal groups.
  • International Collaboration: The National Bulk Cash Smuggling Center works closely with international law enforcement agencies to share intelligence and best practices in combating bulk cash smuggling.

Anti-Money Laundering Measures

To combat money laundering, Peru has implemented more stringent federal laws and anti-money laundering measures adopted by traditional financial institutions. However, this has forced criminal organizations to shift their focus towards non-traditional methods of moving funds, including the smuggling of bulk cash into, out of, and through Peru.

  • Federal Laws and Regulations: The Peruvian government has implemented strict laws and regulations aimed at preventing money laundering and terrorist financing.
  • Collaboration with Financial Institutions: The government works closely with financial institutions to ensure they implement effective anti-money laundering measures.

Cornerstone Initiative

As part of its efforts to detect and close down weaknesses within Peru’s financial, trade, and transportation sectors, the Cornerstone initiative shares criminal typologies and methods with businesses and industries that manage these systems. This collaboration allows the financial and trade community to take precautions against exploitation by terrorist and criminal organizations.

  • Sharing Intelligence: The Cornerstone initiative shares information on criminal activities and methods with businesses and industries to help them identify potential threats.
  • Collaboration and Information-Sharing: The initiative promotes collaboration between different stakeholders, including law enforcement agencies, financial institutions, and private sector companies.

Mass-Marketing Fraud in Peru

Peru has seen a rise in mass-marketing fraud cases in recent years, thanks in part to the spread of low-cost communication technology that makes it easier to defraud victims on a global scale. As part of its commitment to combat this issue, Peru is a participant in the International Mass-Marketing Fraud Working Group.

  • Combating Mass-Marketing Fraud: The Peruvian government and law enforcement agencies are working together to identify and disrupt mass-marketing fraud schemes.
  • International Cooperation: Peru collaborates with other countries and international organizations to combat this global issue.

SEARCH Initiative

The SEARCH Initiative actively looks for and investigates leads related to organized retail crime rings with an international scope, targeting the way these groups earn, move, and store funds. Examples include money smuggled or wire transferred out of the country in support of illegal activity, stolen property being unlawfully exported, and unlawful noncitizens involved in organized illicit activity within Peru.

  • Investigating Organized Retail Crime: The SEARCH Initiative identifies and investigates cases of organized retail crime, focusing on the movement of funds and the involvement of international actors.
  • Collaboration with Law Enforcement Agencies: The initiative works closely with law enforcement agencies to share intelligence and best practices in combating organized retail crime.