Peru’s Financial System Meets International Standards, Report Says

Lima, Peru - A Step Towards Combating Financial Crimes

A recent report by the Financial Action Task Force (FATF) has found that Peru has made significant progress in implementing international standards against money laundering and terrorist financing. The country has been assessed to be “compliant” or “largely compliant” with FATF recommendations in most areas.

Key Findings

• Peru received high marks for its efforts to combat financial crimes, including:
  • Implementation of measures to prevent money laundering and terrorist financing
  • Regulations on customer due diligence, record keeping, and reporting of suspicious transactions
  • Regulation and supervision of financial institutions
  • Cooperation with international authorities on matters related to financial crimes
• Areas for improvement identified in the report include:
  • Strengthening laws and regulations regarding non-profit organizations
  • Ensuring transparency and beneficial ownership of legal persons and arrangements

A Positive Assessment

Despite areas for improvement, the overall assessment is positive, indicating that Peru has made significant strides in implementing international standards against financial crimes. The report was released as part of a mutual evaluation process conducted by the FATF, an intergovernmental organization that sets standards for combating money laundering and terrorist financing.

Conclusion

The report highlights Peru’s progress in implementing international standards to combat financial crimes. While there are areas for improvement, the country has demonstrated significant commitment to preventing financial crimes and promoting transparency in financial transactions.