Peruvian Banks Tied to Organized Crime and Money Laundering

Case Studies: Bankers’ Involvement with Organized Crime

In a shocking exposé, investigative journalists have uncovered several cases of Peruvian banks facilitating organized crime and money laundering. The following case studies highlight the egregious nature of these crimes.

Case 1: Army Colonel José Sánchez Marín

A high-level army official was appointed mayor of Bagua’s provincial capital in Amazonas, receiving $11 million in suspicious payments to his bank account. The financial institution, BCP, first reported this transaction in 2005 but only provided outdated banking information, citing a lack of record-keeping beyond 10 years.

• Unexplained Income: The army official made investments that couldn’t be supported by their income, including buying stocks and mutual funds.
• Lack of Due Diligence: BCP’s failure to maintain records and investigate the suspicious transaction raises questions about their employee vetting process.

Case 2: Sergio Cisneros Francia

A current branch manager at BBVA was linked to a group behind a massive attempted drug shipment in Peruvian history. The Attorney General’s Office launched an investigation into the manager and other group members for allegedly laundering illicit profits through financial system transactions.

• Lack of Transparency: The investigation highlights concerns about the bank’s ability to detect and prevent money laundering.
• Employee Vetting: BBVA’s failure to identify and address this issue raises questions about their employee vetting process.

Organized Crime Involvement with Banks

The relationship between banks and organized crime dates back further than the 2010s. In 2001, a BCP official was investigated for contacts with former presidential advisor Vladimiro Montesinos. Another BCP official left their post after being investigated for money laundering in the Operation Car Wash case.

• Banks as Facilitators: These cases demonstrate how banks can be used as conduits for organized crime and money laundering.
• Lack of Accountability: The lack of accountability within these financial institutions highlights the need for stricter regulations and enforcement.

Key Takeaways

These case studies highlight the urgent need for improved employee vetting processes, more effective anti-money laundering measures, and increased transparency within Peruvian banks. By addressing these issues, Peru can work towards a safer and more secure financial system that protects both citizens and institutions alike.