Financial Crime World

Money Laundering Cases Exposed in Peru’s Banking System

Organized Crime Involvement in Peruvian Banks

Recent investigations have uncovered several cases of money laundering and organized crime involvement in Peru’s financial system, specifically within the banking institutions Banco Continental del Perú (BCP) and Banca de Crédito del Perú (BBVA).

Case 1: Army Colonel José Sánchez Marín

  • In 2005, a UIF report identified Army Colonel José Sánchez Marín as having received $11 million in payments to his account after he was appointed mayor of Bagua.
  • BCP reported that it was not required to maintain information for longer than 10 years and only sent a few withdrawal checks, which raised suspicions about the official’s banking history from his term in the same city during the 1990s.

Case 2: Credicorp Investments

  • The UIF documents also call into question whether the financial system has fulfilled its requirement to maintain a high level of integrity in its personnel.
  • OjoPúblico found four cases in which BCP and BBVA employees belonged to organized crime groups.

Case 3: Mafia Group’s “Financial Advisor”

  • A BCP employee in Chimbote, Áncash, was identified as a mafia group’s “financial advisor.”
  • The group injected millions of dollars into the system through irregular transfers from Colombia using dozens of front men without any financial history or credit.

Case 4: BBVA Employee Involved with Organized Crime

  • Another case links criminal groups to BBVA. In 2009, the Attorney General’s Office identified Sergio Cisneros Francia, current branch manager in the San Isidro district of Lima province, as having collaborated with the group behind Global Trade Import and Export and one of the largest attempted drug shipments in Peruvian history.

Banking Institutions Respond

  • OjoPúblico obtained statements from BBVA and the BCP on the cases in this investigation.
  • Both banking institutions stated that they maintain high standards in their money laundering prevention systems and comply and collaborate fully with authorities.