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Peru Makes Progress in AML/CFT Compliance, but Areas for Improvement Remain

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Lima, Peru - Peru has made significant strides in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, according to its Follow-Up Report 2020. However, there are still several areas where improvement is needed.

Key Findings

Strong measures are in place for assessing risk and applying a risk-based approach (R.1)
Effective national cooperation and coordination (R.2)
Adequate laws and regulations are in place to criminalize money laundering (R.3) and terrorist financing (R.5)
Progress has been made in implementing measures to prevent the misuse of financial institutions, including targeted financial sanctions related to terrorism and terrorist financing (R.6), and confiscation and provisional measures (R.4)

Areas for Improvement

Laws and regulations regarding non-profit organizations (R.8) and financial institution secrecy laws (R.9) could be strengthened
Measures to prevent the misuse of new technologies (R.15) need to be enhanced
Customer due diligence (R.10), record keeping (R.11), and Politically Exposed Persons (R.12) require further improvement
Reliance on third parties (R.17) and internal controls and foreign branches and subsidiaries (R.18) should be strengthened
Efforts to prevent tipping-off and confidentiality breaches (R.21) need to be improved

Conclusion

While Peru has made significant progress in implementing the FATF Recommendations, there are still several areas where improvement is needed. The country must continue to work towards strengthening its AML/CFT regime to effectively combat money laundering and terrorist financing.

Rating: Largely Compliant (LC)