Financial Crime World

Peru Takes Steps to Prevent Financial Crime, but Challenges Remain

A Struggle Against Money Laundering

LIMA, PERU - Despite significant progress in preventing financial crime, Peru continues to grapple with a major challenge: money laundering. According to data from the Bank Association (ASBANC), over $12.9 billion in assets have been laundered in Peru between January 2007 and March 2016.

International Cooperation Against Illicit Trafficking

To combat this issue, Peru has aligned itself with international strategies against illicit trafficking and abuse of controlled drugs, as outlined in the United Nations Convention on Narcotic Drugs and Psychotropic Substances, also known as the Vienna Convention. This convention was signed by Peru in 1988 and led to the creation of the Financial Intelligence Unit of Peru (FIU-Peru), a state agency with broad powers to investigate financial crimes.

Key Components of Peru’s Strategy Against Money Laundering

  • The FIU-Peru is responsible for receiving, analyzing, treating, evaluating, and transmitting information related to money laundering and financing of terrorism.
  • The unit works closely with the Superintendence of Banking and Insurance (SBS) and other agencies to detect suspicious transactions and refer them to the Public Prosecutor’s Office and judiciary.
  • Peru has implemented a system for preventing and controlling money laundering and financing of terrorism (SPLAFT).
  • Banks, notaries, real estate agencies, and other entities are required to report suspicious transactions to the FIU-Peru.

Ongoing Efforts to Combat Money Laundering

Despite progress in preventing financial crime, Peru continues to face challenges in this area. However, with ongoing efforts to implement international standards and cooperation between agencies, the country is working towards a more effective fight against money laundering and financing of terrorism.

Challenges Ahead

  • The Public Registry of Peru does not currently participate in the SPLAFT system.
  • To address these challenges, the Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT) was established to coordinate actions between public and private entities.