Financial Crime World

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Peru’s Financial Crime and Compliance Landscape: Areas for Improvement

Lima, Peru - A recent evaluation by international watchdogs has highlighted areas where Peru needs to improve its efforts to combat financial crime and ensure compliance with global standards.

Progress and Challenges

The assessment, which focused on 40 recommendations from the Financial Action Task Force (FATF), revealed that while some progress has been made, there are still significant gaps in the country’s anti-money laundering and counter-terrorist financing framework.

Compliant Areas

Peru was found to be largely compliant with 10 of the FATF recommendations, including measures related to:

  • National cooperation and coordination
  • Money laundering offense
  • Confiscation and provisional measures
  • Terrorist financing offense

However, it was deemed partially compliant in areas such as:

  • Non-profit organizations
  • Financial institution secrecy laws
  • Customer due diligence
  • Record keeping

Areas for Improvement

The evaluation also revealed that Peru needs significant improvements in several key areas, including:

  • Assessing risk and applying a risk-based approach (R.1): Peru was found to be non-compliant.
  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
  • Regulation and supervision of financial institutions (R.26) and DNFBPs (R.28)
  • Financial intelligence units (R.29): Peru needs to improve its financial intelligence unit.
  • Law enforcement and investigative authorities (R.30 and R.31)

Response from FATF and Peruvian Government

The report highlights the need for Peru to strengthen its anti-money laundering and counter-terrorist financing regime, particularly in areas related to customer due diligence, record keeping, and transparency.

“We urge the Peruvian authorities to take concrete steps to address the identified gaps and ensure that the country’s financial system remains safe and secure,” said a senior official from the FATF.

The evaluation comes at a time when Peru is seeking to strengthen its economy and attract foreign investment. While the report highlights areas for improvement, it also acknowledges the country’s efforts to comply with international standards.

“Peru is committed to combating financial crime and ensuring compliance with global standards,” said a spokesperson from the Peruvian government. “We will take all necessary steps to address the identified gaps and ensure that our financial system remains robust and secure.”