Financial Crime World

Peru’s Financial Intelligence Units: A Crucial Tool in the Fight Against Money Laundering

Introduction

Despite significant progress in combating money laundering, Peru still faces numerous challenges in this area. According to the Bank Association (ASBANC), between January 2007 and March 2016, assets worth over $12.901 billion were laundered in the country. To address this issue, Peru has implemented various measures, including the creation of the Financial Intelligence Unit of Peru (FIU-Peru).

The Financial Intelligence Unit of Peru (FIU-Peru)

The FIU-Peru was established through Act 27693 (2002) and is responsible for:

  • Receiving, analyzing, treating, evaluating, and transmitting information to detect money laundering and financing of terrorism
  • Having legal personality under public law and enjoying functional, technical, and administrative autonomy

As a specialized unit, the FIU-Peru is incorporated into the Superintendence of Banking and Insurance (SBS) and its main objective is to contribute to the implementation of the System for the Prevention and Control of Money Laundering and Financing of Terrorism (SPLAFT).

Role in Combating Money Laundering

The FIU-Peru plays a crucial role in combating money laundering by:

  • Receiving guidelines and recommendations from the Financial Action Task Force (FATF) to ensure compliance with international standards
  • Working closely with the Public Prosecutor’s Office and the judiciary to investigate and prosecute money laundering cases
  • Analyzing suspicious transactions through reports from banks, notaries, real estate agencies, and other entities

Collaboration with Other Institutions

The FIU-Peru collaborates with other institutions to prevent and combat money laundering, including:

  • The National Superintendence of Public Registries (SUNARP), which provides information when needed and cooperates with the FIU-Peru by providing technical support in registration matters
  • The Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT), which is attached to the Ministry of Justice and Human Rights (MINJUS) and plays a key role in coordinating actions to prevent and combat money laundering and financing of terrorism

Conclusion

Peru’s financial intelligence units are essential tools in the fight against money laundering and financing of terrorism. The FIU-Peru, SUNARP, and CONTRALAFT work together to prevent and combat these crimes, and their efforts have been recognized internationally as a model for other countries to follow.

Key Takeaways:

  • Peru still faces significant challenges in combating money laundering
  • The FIU-Peru is responsible for receiving, analyzing, treating, evaluating, and transmitting information to detect money laundering and financing of terrorism
  • Collaboration between institutions is crucial in preventing and combating money laundering
  • Peru’s efforts have been recognized internationally as a model for other countries to follow