Financial Crime World

Peru’s Efforts to Combat Financial Crime Fall Short Despite Progress

Introduction

Despite significant efforts to combat financial crime in recent years, Peru continues to struggle with the scourge of money laundering. According to the Bank Association (ASBANC), assets worth over $12.9 billion have been laundered in the country since January 2007 and March 2016.

Measures Implemented to Prevent and Detect Money Laundering

Peru has implemented a range of measures aimed at preventing and detecting money laundering and terrorist financing. One key agency in this fight is the Financial Intelligence Unit of Peru (FIU-Peru), which was established through Act 27693 in 2002. The FIU-Peru has broad powers to:

  • Receive information related to suspicious transactions
  • Analyze, treat, evaluate, and transmit such information

The FIU-Peru works closely with other government agencies, including the Superintendence of Banking and Insurance (SBS), which is responsible for:

  • Supervising financial institutions
  • Monitoring their compliance with anti-money laundering regulations
  • Implementing the System for the Prevention and Control of Money Laundering and Financing of Terrorism (SPLAFT)

Other Key Agencies Involved

Another important agency involved in Peru’s efforts to combat financial crime is the Public Registry of Peru (National System of Public Registries, SINARP). While SINARP does not directly participate in the SPLAFT system, it is required to:

  • Provide information and technical support to the FIU-Peru as needed
  • Be a member of the Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT), which coordinates efforts among public and private entities to prevent and combat money laundering and terrorist financing.

Challenges Ahead

Despite these efforts, however, Peru still faces significant challenges in combating financial crime. The country’s:

  • Lack of resources and capacity remains a major obstacle
  • Need for greater cooperation and coordination among government agencies and other stakeholders continues to hinder progress.

Conclusion

Peru’s efforts to combat financial crime are ongoing, but more needs to be done to effectively address the issue. Addressing these challenges will require increased cooperation and coordination among all stakeholders involved in preventing and combating money laundering and terrorist financing.