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Peru’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Compliance Ratings Under Scrutiny

Peru’s efforts to combat money laundering and terrorist financing have been assessed by the Financial Action Task Force (FATF), a global inter-governmental organization that sets standards for anti-money laundering and counter-terrorist financing.

Recent Assessment Highlights Strengths and Weaknesses

According to the Mutual Evaluation Report 2019, Peru scored largely compliant in several areas. However, there are significant concerns that need to be addressed. The report highlights that Peru is non-compliant with implementing requirements related to the regulation and supervision of financial institutions, as well as the powers of supervisors.

Key Areas Requiring Improvement

Some of the key areas that require improvement include:

  • Implementing a risk-based approach to assessing and mitigating money laundering risks
  • Enhancing national cooperation and coordination among relevant authorities
  • Strengthening customer due diligence requirements for financial institutions
  • Improving record-keeping practices
  • Regulating and supervising non-profit organizations

AML/CFT Compliance Ratings

Peru’s AML/CFT compliance ratings are as follows:

Compliant (C)

  • R.3 - Money laundering offence: Compliant (C)
  • R.4 - Confiscation and provisional measures: Compliant (C)
  • R.5 - Terrorist financing offence: Compliant (C)
  • R.13 - Correspondent banking: Compliant (C)
  • R.14 - Money or value transfer services: Compliant (C)
  • R.15 - New technologies: Compliant (C)
  • R.20 - Reporting of suspicious transactions: Compliant (C)
  • R.21 - Tipping-off and confidentiality: Compliant (C)

Largely Compliant (LC)

  • R.1 - Assessing risk & applying risk-based approach: Largely compliant (LC)
  • R.6 - Targeted financial sanctions related to terrorism & terrorist financing: Largely compliant (LC)
  • R.7 - Targeted financial sanctions related to proliferation: Largely compliant (LC)
  • R.9 - Financial institution secrecy laws: Largely compliant (LC)
  • R.10 - Customer due diligence: Largely compliant (LC)
  • R.11 - Record keeping: Largely compliant (LC)
  • R.12 - Politically exposed persons: Largely compliant (LC)
  • R.16 - Wire transfers: Largely compliant (LC)

Partially Compliant (PC)

  • R.36 - International instruments: Partially compliant (PC)
  • R.37 - Mutual legal assistance: Partially compliant (PC)
  • R.19 - Higher-risk countries: Partially compliant (PC)
  • R.17 - Reliance on third parties: Partially compliant (PC)

Non-Compliant (NC)

  • R.26 - Regulation and supervision of financial institutions: Non-compliant (NC)
  • R.27 - Powers of supervisors: Non-compliant (NC)