Peru’s Financial Intelligence Unit: Cracking Down on Money Laundering with Assets Topping $12.9 Billion
Peru’s Financial Intelligence Unit (FIU-Peru) has been at the forefront of efforts to combat money laundering in the South American nation. With an estimated $12.9 billion in assets laundered since 2007, this issue remains a significant concern [1].
International Efforts towards Combating Money Laundering and Drug Trafficking
Peru’s commitment to tackling money laundering can be traced back to the signing of the United Nations Convention (the “Vienna Convention”) in 1988. As a result, Peru has adopted international methods to address illicit drugs and the abuse of controlled substances [1]. This includes the criminalization of money laundering from narcotic drugs and psychotropic substances [1].
The FIU-Peru was established in 2002 as part of the response to curb the funding and reinvestment capabilities of drug trafficking organizations [1]. Under Act 27693, FIU-Peru gained autonomy and is responsible for analyzing, treating, and evaluating suspicious transactions [1].
Collaboration and Adherence to Best Practices
FIU-Peru collaborates with the Superintendence of Banking and Insurance (SBS) to implement the “System for the prevention and control of money-laundering and financing of terrorism” (SPLAFT). Through Act 29038, FIU-Peru became a specialized unit within the SBS, receiving reports from various entities such as banks, notaries, and real estate agencies for analysis [1].
FIU-Peru’s work is also bolstered by adherence to guidelines and recommendations from the Financial Action Task Force (FATF). The Peruvian Public Registry (SINARP) falls outside the auspices of SPLAFT but is required to cooperate when needed for FIU-Peru functions [1].
Combating Money Laundering: A Multisectoral Approach
The Executive Commission against Money Laundering and Financing of Terrorism ( CONTRALAFT) was established through Supreme Decree 057-2011-PCM to coordinate actions against money laundering and financing of terrorism crimes [1]. Chaired by the Ministry of Justice and Human Rights, CONTRALFT includes representatives from the SBS and SUNARP [1]. Their objective is to monitor the implementation, compliance, and updates of the National Plan against money laundering and financing of terrorism [1].
Continuous Efforts in Countering Illicit Activities
Peru’s Financial Intelligence Unit continues to collaborate with local and international partners to counter illicit activities [1]. By adhering to worldwide best practices, Peru demonstrates its commitment to the prevention and control of money laundering and the financing of terrorism [1].
Key Points
- Money laundering has been a concern in Peru since 2007, with an estimated $12.9 billion laundered
- FIU-Peru was established to counter drug trafficking organizations and money laundering
- FIU-Peru collaborates with SBS to implement SPLAFT and receive reports from various entities
- Peru adheres to FATF guidelines and recommendations
- CONTRALFT was established to monitor the implementation, compliance, and updates of the National Plan against money laundering and financing of terrorism
- Peru continues to collaborate with local and international partners in countering illicit activities
[1] Source: Given article text.