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Peru’s Struggle with Money Laundering: A Review of the Country’s Compliance with International Standards

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Peru, a country in South America, has been facing challenges in addressing money laundering in its financial system. The Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing, has evaluated Peru’s compliance with these standards.

Mutual Evaluation 2019

In 2019, the FATF conducted a mutual evaluation of Peru’s anti-money laundering measures. The evaluation assessed the country’s compliance with 40 key recommendations. Here are some highlights from the report:

Assessment of Compliance

Assessing risk and applying a risk-based approach: Peru was rated “partially compliant” (PC) in this area.
National cooperation and coordination: Peru received a “compliant” (C) rating for its efforts to coordinate anti-money laundering measures among different government agencies.
Money laundering offense: The country was deemed “compliant” with international standards for defining and punishing money laundering offenses.

Key Areas of Concern

While Peru has made progress in addressing some aspects of money laundering, there are still significant areas that require improvement. These include:

Confiscation and Provisional Measures

Peru’s laws and procedures for freezing and confiscating assets linked to money laundering were rated “partially compliant”.

The country was rated “largely compliant” (LC) in this area, but still had some weaknesses.

Customer Due Diligence

Peru’s efforts to ensure that financial institutions conduct adequate customer due diligence were deemed “partially compliant”.

Recommendations for Improvement

The FATF report provided several recommendations for Peru to improve its anti-money laundering measures. These include:

Strengthening laws and regulations related to money laundering and terrorist financing
Improving coordination among government agencies
Enhancing customer due diligence requirements
Increasing transparency in beneficial ownership of companies and legal arrangements

Conclusion

Peru faces significant challenges in addressing money laundering in its financial system. While the country has made progress in some areas, there are still major weaknesses that need to be addressed. Implementing the recommendations outlined in the FATF report will be crucial for Peru to improve its anti-money laundering measures and reduce the risks of illicit activities.