Financial Crime World

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Peru Takes Steps to Prevent Terrorist Financing, but Faces Challenges

Peru has made significant progress in implementing measures to prevent terrorist financing and money laundering, according to a recent report by the Financial Action Task Force (FATF). However, the country still faces challenges in some areas.

FATF Report Highlights Progress and Challenges

The report evaluated Peru’s compliance with FATF recommendations on terrorist financing prevention. While Peru received high ratings in several areas, including national cooperation and coordination, confiscation of assets, and targeted financial sanctions related to terrorism and terrorist financing, it fell short in others.

Areas of Strength

Peru was found to be:

  • Largely compliant in assessing risk and applying a risk-based approach
  • Largely compliant in money or value transfer services and wire transfers
  • Highly rated for its efforts to regulate and supervise financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs)

Areas of Improvement

However, Peru was rated:

  • Partially compliant in non-profit organizations
  • Partially compliant in financial institution secrecy laws
  • Partially compliant in customer due diligence
  • Partially compliant in transparency and beneficial ownership of legal persons
  • Lacking in efforts to address higher-risk countries and reporting of suspicious transactions

Challenges Ahead

The report noted that while Peru has made progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures, it still faces challenges in enforcing these laws and regulations effectively.

International Cooperation

Peru’s financial intelligence unit was praised for its efforts to improve cooperation with foreign authorities and share information on suspicious transactions. However, the report noted that the country could do more to improve its international cooperation and mutual legal assistance in AML/CFT cases.

Conclusion

While Peru has made significant progress in preventing terrorist financing and money laundering, it still faces challenges in several areas. The country must continue to work to strengthen its AML/CFT regime and address the remaining gaps identified by the FATF report.