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Challenges in Preventing Money Laundering and Terrorist Financing in Peru

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Background

Despite progress made, vulnerabilities persist in the system to prevent and combat money laundering and terrorist financing. The Superintendencia Nacional de Administración Tributaria y Aduanera (SUNARP) of Peru has identified several challenges that need to be addressed.

Challenges

• Difficulty accessing information: Bank and fiscal secrecy regulations make it challenging to access the necessary information to prevent money laundering.
• Lack of real holder registration: The Public Registry does not require legal persons to register real holder information, making it difficult to identify beneficial owners.
• Regression in Anti-Money Laundering Index: Peru’s ranking in the Basel Institute on Governance’s Anti-Money Laundering Index 2017 has regressed.

Statistics

The Financial Intelligence Unit (FIU-Peru) has issued intelligence reports involving a total of $14.1 billion between January 2007 and November 2017, related to various activities such as:

• Drug trafficking: 39%
• Illegal mining: 32%
• Crimes against public administration: 10%
• Tax fraud: 4%

Tax Amnesty

The tax amnesty period expired on December 29, 2017, but the results were not encouraging. The Treasury collected a mere S/.1.136 million soles, representing only 28.4% of the projected amount.

Conclusion

There is still much work to be done in preventing and combating money laundering and terrorist financing in Peru. As poet Cesar Vallejo said, “Los nueve monstruos” (The nine monsters) remain a threat to the country’s financial stability.