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Peru’s Fight Against Money Laundering: A Mixed Bag
A recent evaluation by the Financial Action Task Force (FATF) has shed light on Peru’s efforts to combat money laundering. The report, which assesses the country’s compliance with international anti-money laundering standards, reveals a mixed picture.
Progress and Challenges
While Peru has made significant progress in some areas, such as implementing measures to prevent terrorist financing and strengthening its financial intelligence unit, it still faces challenges in other areas.
- Identifying Suspicious Transactions: The country’s banks and other financial institutions are not doing enough to detect and report suspected money laundering activities.
- Supervision of Non-Profit Organizations: Peru has failed to implement adequate measures to ensure that these organizations are transparent and accountable.
Positive Developments
On the positive side, Peru’s financial institutions have implemented effective customer due diligence measures, and the country has made significant progress in strengthening its regulation and supervision of financial institutions.
- Customer Due Diligence: Peru’s financial institutions have implemented effective customer due diligence measures.
- Regulation and Supervision of Financial Institutions: The country has strengthened its regulation and supervision of financial institutions.
Areas for Improvement
The evaluation also highlighted the need for improved cooperation between law enforcement agencies and other stakeholders. While there is some cooperation between different agencies, it is not consistent or effective enough to combat money laundering.
- Cooperation between Law Enforcement Agencies: Improved cooperation between law enforcement agencies is needed.
- Strengthening Anti-Money Laundering Framework: Peru must continue to strengthen its anti-money laundering framework to effectively combat this serious crime.
FATF Ratings
Here are the ratings given by FATF for each of the 40 recommendations:
| Recommendation | Rating |
|---|---|
| R.1 - Assessing risk & applying risk-based approach | Largely Compliant |
| … | … |
| R.40 - Other forms of international cooperation | … |
Note: C = compliant, LC = largely compliant, PC = partially compliant, NC = non-compliant