Peru’s Anti-Money Laundering Efforts: A Risk-Based Approach

Lima, Peru -

In a significant step towards combating money laundering, Peru has demonstrated substantial progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations. According to the latest report on anti-money laundering efforts, Peru has established a robust framework for assessing and mitigating risks associated with financial transactions.

Key Areas of Progress

Peru’s efforts have been particularly notable in several key areas:

Risk Assessment

• The country has implemented a comprehensive risk assessment mechanism to identify potential vulnerabilities in its financial system.
• This enables Peru to focus its resources on high-risk areas and take targeted measures to prevent money laundering.

National Cooperation and Coordination

• Peru has strengthened cooperation between its national authorities, including law enforcement agencies, financial regulators, and the financial intelligence unit.
• This collaboration ensures that efforts are coordinated and effective in combating money laundering.

Money Laundering Offence

• The country has established a clear and comprehensive legal framework to prosecute individuals involved in money laundering activities.

Remaining Challenges

While Peru has made significant progress, there are still areas where improvement is needed:

Confiscation and Provisional Measures

• While Peru has implemented measures to confiscate proceeds of crime, it needs to enhance its ability to freeze assets and impose provisional measures to prevent the dissipation of evidence.

Targeted Financial Sanctions

• The country should strengthen its targeted financial sanctions framework to effectively combat terrorist financing and proliferation.

Conclusion

Peru’s commitment to adopting a risk-based approach to anti-money laundering is commendable. By continuing to build on this progress, Peru can further enhance its financial system’s resilience against illicit activities and contribute to the global fight against money laundering.

By focusing on areas of improvement, such as confiscation and provisional measures, targeted financial sanctions, and international cooperation, Peru can solidify its position as a leader in combating money laundering. The country’s continued efforts will not only benefit its own financial system but also contribute to the stability of the global economy.