Financial Crime World

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SUNARP Plays Crucial Role in Fighting Money Laundering and Terrorism Financing

LIMA, Peru - The Peruvian government has taken significant steps to combat money laundering and terrorism financing, with the Public Registry (SUNARP) playing a key role in this effort.

Collaboration with Financial Intelligence Unit

According to Supreme Decree 057-2011-PCM, SUNARP is part of the Multisectorial Executive Commission against Money Laundering and Financing of Terrorism (CONTRALAFT), which aims to coordinate and plan actions to prevent and combat these crimes. SUNARP’s collaboration with the Financial Intelligence Unit (FIU-Peru) is essential in detecting and preventing money laundering and terrorist financing activities.

  • The entity has a Registry Intelligence Commission, created by Resolution 306-2014-SUNARP-SN, to detect suspected irregularities, acts of corruption, and illegal registration.
  • This commission plays a crucial role in identifying and reporting suspicious transactions to the FIU-Peru.

National Policy Against Money Laundering and Financing of Terrorism

The National Policy Against Money Laundering and Financing of Terrorism, approved through Supreme Decree 018-2017-JUS, outlines specific objectives and strategic lines of action to combat these crimes. SUNARP fits into the “articulation” line of action, ensuring effective coordination and support in the prevention and fight against money laundering and terrorist financing.

Challenges and Vulnerabilities

Despite progress made, vulnerabilities persist in Peru’s system for preventing and combating money laundering and terrorist financing. The country’s difficulty in accessing information due to bank and fiscal secrecy regulations hinders its ability to join the Organization for Economic Cooperation and Development (OECD).

  • According to the Basel Institute on Governance’s Anti-Money Laundering Index 2017, Peru has regressed significantly in terms of its risk of vulnerability to money laundering and terrorist financing.
  • The FIU-Peru reports that since January 2007 to November 2017, it has issued financial intelligence reports involving a total of US$14.103 million, related to drug trafficking, illegal mining, crimes against the public administration, tax fraud, and other activities.

Conclusion

In conclusion, while there is still much work to be done, SUNARP’s role in combating money laundering and terrorist financing is crucial. The entity must continue to collaborate effectively with other government agencies to ensure a strong and efficient system for preventing and combating these crimes.

Key Words:

  • Money Laundering in Land Register
  • Financial Intelligence Unit
  • Public Registry
  • Contralaf
  • National Policy Against Money Laundering and Financing of Terrorism