Financial Crime World

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Peru Embarks on National Reconciliation Effort to Combat Money Laundering and Terrorist Financing

Lima, Peru - In a major step towards strengthening the country’s anti-money laundering (AML) and combating terrorist financing (CFT) efforts, Peru has launched a national policy aimed at preventing, detecting, investigating, and sanctioning these illicit activities.

Background

The policy was approved by the High Level Anticorruption Commission in 2017 and is expected to be finalized soon. The National Policy Against Money Laundering and Terrorist Financing is designed to address the complex nature of the problem in Peru, where five major threats and 43 vulnerabilities have been identified.

Progress and Challenges

According to a report by the Financial Action Task Force (FATF), Peru has made significant progress in implementing AML/CFT measures, but there are still areas that require improvement. The policy aims to strengthen the country’s system against ML/TF, focusing on key areas such as:

  • Preventing regulations
  • Material and technological resources
  • Criminal and financial investigations
  • Information exchange
  • Training

Key Principles

The policy sets out seven principles to guide its implementation, including:

  • Legality and due process
  • Efficiency
  • Effectiveness
  • Inter-institutional cooperation
  • International cooperation
  • Transparency and accountability
  • Participation of civil society and the private sector

Implementation and Commitment

Peru’s Minister of Justice and Human Rights, Ana Teresa Morales, said that the national policy is a crucial step towards consolidating a proper system against ML/TF in the country. “We are committed to working together with all stakeholders to prevent, detect, investigate, and sanction money laundering and terrorist financing effectively,” she added.

Statement from the Peruvian President

In a statement, the Peruvian President, Martín Vizcarra, emphasized the importance of this policy in promoting transparency and accountability in the country’s financial system. “We will not tolerate any form of corruption or illegal activities that undermine our democracy and erode public trust,” he said.

Implementation Timeline

The national policy is expected to be implemented over the next few months, with regular monitoring and evaluation to ensure its effectiveness.