Peru Grapples with Financial Crimes: A Looming Threat

In recent years, Peru has made significant strides in combating financial crimes such as money laundering. However, despite progress, the country still faces numerous challenges in addressing this complex issue.

The Scope of the Problem

According to data from the Bank Association (ASBANC), between January 2007 and March 2016, assets worth over $12.9 billion were laundered in Peru. This staggering figure highlights the magnitude of the problem that Peru is grappling with.

Government Efforts

The Peruvian government has taken steps to address money laundering by aligning itself with international strategies and conventions. In 1988, Peru signed the United Nations Convention on Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention), which led to the creation of the Financial Intelligence Unit of Peru (FIU-Peru). This agency has been instrumental in detecting and combating money laundering and financing of terrorism.

FIU-Peru’s Role

The FIU-Peru was established through Act 27693 (2002) and is responsible for receiving, analyzing, treating, evaluating, and transmitting information related to suspicious transactions. The agency works closely with the Superintendence of Banking and Insurance (SBS), which is responsible for implementing the System for Prevention and Control of Money Laundering and Financing of Terrorism.

Public Registry’s Role

The Public Registry of Peru (National System of Public Registries, SINARP) plays a crucial role in combating financial crimes. While not part of the anti-money laundering system, it is obligated to provide information when necessary for the fulfillment of FIU-Peru’s functions. The registry also cooperates with the agency by providing technical support in registration matters.

Multisectorial Executive Commission

In addition, the Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT) was established to coordinate actions against these crimes. The commission is chaired by the Ministry of Justice and Human Rights and includes representatives from various government agencies and private entities.

Challenges Ahead

Despite progress, Peru still faces significant challenges in combating financial crimes. It is essential for the government and relevant agencies to continue working together to prevent and combat money laundering and financing of terrorism.

Conclusion

In conclusion, while Peru has made strides in combating financial crimes, it is crucial that the government and relevant agencies continue to work together to address this complex issue. By doing so, Peru can ensure a safer and more secure financial system for its citizens.