Financial Crime World

Peru’s Struggle Against Terrorist Financing Prevention Remains Ongoing Challenge

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Despite significant progress in combating money laundering, Peru still faces numerous unresolved issues. In this article, we will explore the country’s ongoing struggle against terrorist financing prevention and the efforts being made to address these challenges.

A History of Combating Money Laundering

Peru has gained significant experience in combating money laundering since signing the United Nations Convention on Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention) in 1988. As a result, money laundering derived from illegal activities was criminalized, and the Financial Intelligence Unit of Peru (FIU-Peru) was created.

The FIU-Peru: A Key Player in Combating Money Laundering

The FIU-Peru is responsible for investigating and preventing financial crimes. Established through Act 27693 (2002), it has broad powers to:

  • Analyze and transmit information related to suspicious transactions to the Public Prosecutor’s Office and ultimately, the judiciary.
  • Rely on guidelines and recommendations from the Financial Action Task Force (FATF) to effectively combat money laundering and terrorist financing.

Collaboration with Other Entities

The FIU-Peru collaborates with other entities, including:

  • The Public Registry of Peru (National System of Public Registries, SINARP), which provides information and technical support when necessary.
  • SUNARP (National Superintendence of Public Registries), which participates in the Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT).

The National Plan Against Money Laundering and Financing of Terrorism

The National Plan against Money Laundering and Financing of Terrorism was established through Supreme Decree 057-2011-PCM. It aims to coordinate actions between public and private entities to prevent and combat money laundering and terrorist financing crimes.

Challenges Remain

Despite progress made in combating money laundering and terrorist financing, Peru’s struggle remains ongoing. According to the Bank Association (ASBANC), between January 2007 and March 2016, over $12.901 million in assets was laundered in Peru. This staggering figure underscores the need for continued efforts to prevent terrorist financing.

The Need for Continued Efforts

To ensure that Peru’s financial system is free from illegal activities and its citizens are protected from the threats posed by these crimes, continued efforts are necessary. The country must remain vigilant in its fight against money laundering and terrorist financing, and work towards implementing effective measures to prevent and combat these crimes.

Conclusion

Peru’s struggle against terrorist financing prevention remains an ongoing challenge. While progress has been made, there is still much work to be done to ensure the country’s financial system is free from illegal activities and its citizens are protected from these threats.