Financial Crime World

Financial Crime Investigation Techniques in Peru Remain a Concern, Experts Say

Introduction

Peru has been working tirelessly to combat money laundering since signing the United Nations Convention against Illicit Trafficking of Narcotic Drugs and Psychotropic Substances in 1988. Despite significant efforts, the problem persists, with over $12.9 billion in assets laundered since January 2007 and March 2016.

The Financial Intelligence Unit (FIU-Peru)

To combat money laundering, Peru created the FIU-Peru in 2002. The unit has legal personality under public law and operates with functional, technical, and administrative autonomy. It is responsible for receiving, analyzing, and transmitting information to detect suspicious transactions.

Collaboration with Other Agencies

The FIU-Peru works closely with other agencies, including:

  • Superintendence of Banking and Insurance (SBS)
  • Public Prosecutor’s Office
  • Judiciary
  • Financial Action Task Force (FATF)

It also contributes to the implementation of the “System for the Prevention and Control of Money Laundering and Financing of Terrorism” (SPLAFT).

The Role of Public Registries in Combating Money Laundering

The Public Registry of Peru, governed by the National Superintendence of Public Registries (SUNARP), plays a crucial role in combating money laundering. Although it does not belong to SPLAFT, SUNARP provides information and technical support when needed for the fulfillment of FIU-Peru’s functions.

Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT)

The CONTRALAFT was created in 2011 to coordinate actions by public and private entities aimed at preventing and combating money laundering and financing of terrorism. The commission is chaired by the Ministry of Justice and Human Rights, with the FIU-Peru serving as its secretariat.

Expert Insights

Experts agree that a multi-faceted approach is necessary to effectively combat financial crime in Peru. “Since drug trafficking is an economic activity with a business structure, it would only be possible to control it through mechanisms that affect its funding and reinvestment ability,” said Víctor Prado Saldarriaga, an expert on money laundering.

Conclusion

Despite the challenges, Peru has made significant progress in recent years. Continued cooperation among government agencies, financial institutions, and other stakeholders is crucial to ensuring that the country remains a leader in combating financial crime.