Financial Crime World

Peru’s Financial System Exposed: Transactions Totaling $178 Million Linked to Criminal Organizations

A recent report by OjoPúblico has uncovered a web of deceit and corruption within Peru’s banking sector, revealing transactions totaling over $178 million linked to criminal organizations.

Banking Sector Corruption Uncovered

The investigation, which spanned several years, found that employees at two major banks, Banco de Crédito del Perú (BCP) and Banco Bilbao Vizcaya Argentaria (BBVA), had ties to organized crime groups. The report highlights the following cases:

  • Jimi Orellana Domínguez: A BCP official received $425,000 in transfers from Colombia for “consulting services.” It is likely that he advised the organization to deposit over $5.8 million into the financial system, given his knowledge of anti-money laundering controls.
  • Sergio Cisneros Francia: A BBVA manager was linked to a criminal group involved in the largest attempted drug shipment in Peruvian history. The report notes that as a manager, he may have helped set up a company used to launder illicit profits.

The investigation also found:

  • Irregular transfers from Colombia: Millions of dollars were injected into the system through irregular transfers from Colombia using front men without financial history or credit.
  • Mafia links: BCP and BBVA employees had ties to mafia groups.

Ties to Corrupt Officials

The report reveals that some banking officials had ties to:

  • Vladimiro Montesinos: A former presidential advisor accused of corruption during Alberto Fujimori’s administration.
  • Operation Car Wash case: An official left his post after being investigated for money laundering in the Operation Car Wash case.

Response from BCP and BBVA

Both banks responded to the allegations, stating that they maintain high standards in their money laundering prevention systems and comply fully with authorities. However, the report raises serious concerns about the integrity of Peru’s financial system and its ability to prevent money laundering and corruption.

Recommendations for Improvement

The investigation highlights the need for:

  • Greater transparency: Within the banking sector.
  • Accountability: Stronger regulations to prevent these types of criminal activities from occurring in the future.
  • Stronger prevention systems: To prevent money laundering and corruption within the financial system.