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Peru’s Proactive Approach to Financial Crime Prevention Yields Results

Combating Financial Crime and Corruption in Peru

In recent years, Peru has made significant strides in combating financial crime and corruption through innovative strategies. The country’s commitment to public integrity and asset recovery has led to the return of millions of dollars in illicit funds.

A Notable Example: Recovering Corrupt Assets

One notable example is the Swiss Federal Supreme Court decision that cleared the way for the return of approximately USD 8.5 million in corruptly obtained assets linked to former President Alberto Fujimori’s head of intelligence, Vladimiro Montesinos. The money had been frozen in Switzerland and was recovered through non-conviction based forfeiture laws.

Peru’s Extinción de Dominio Law: A Key Factor in Success

Peru’s success in recovering the proceeds of corruption is attributed to its implementation of the Extinción de Dominio law, which allows the state to seize assets linked to financial crimes without requiring a conviction. The country has already recovered over USD 64 million under this law, with many more cases pending.

Regional Governments Take Action

Regional governments in Peru are also taking proactive steps to prevent financial crime and corruption. In the San Martín region, for instance:

• Authorities have agreed on an action plan to reduce corruption risks in the timber trade
• The plan prioritizes integrity and transparency principles and adheres to Peruvian laws and regulations

International Collaboration

The country’s Public Integrity Secretariat and regional governments are collaborating with international partners such as the United Nations Development Programme (UNDP) to:

• Strengthen public finance management
• Enhance capacity building on public sector integrity

Quotes from Javier Arévalo Vela, Head of Peru’s Judiciary

“Peru has made significant strides in recovering proceeds from corruption-related cases through its non-conviction based forfeiture law,” he said. “We will continue to work towards a more transparent and accountable public administration.”

Conclusion

As Peru continues to build on its successes, it is clear that the country’s proactive approach to financial crime prevention and asset recovery serves as an inspiration for other nations in their own efforts to combat corruption and promote good governance.