Peru

New Documents

GAFILAT published the first enhanced follow-up report of Peru, concluding the jurisdiction has improved compliance with Recommendation 24. Peru was originally rated as partially compliant with the recommendation. The nation is now rated largely compliant with Recommendation 24.

The Financial Action Task Force of Latin America released a mutual evaluation report for Peru, concluding that the jurisdiction is compliant with 16 technical recommendations, largely compliant with 18 recommendations and partially compliant with six recommendations.

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Important Facts

  • The U.S. State Department identifies Peru as a major money laundering country. Drug trafficking, illegal gold mining and logging, public corruption, and counterfeiting are the primary sources of illicit funds in Peru. The jurisdiction’s challenging geography allows for the transit of large quantities of illegal goods, contraband, and cash across its borders and within remote areas. Pervasive corruption hampers investigations and prosecutions of narcotics-related money laundering crimes. Political figures and legislators have been implicated in money laundering. Front companies are often used to launder funds, many of which are connected to illegal mining activities. Individuals and  front companies also launder illicit funds through real estate, currency exchanges, credit cooperatives, auto dealing, virtual currency, and notaries. The country's gaming industry additionally serves as a source of illicit finance given its lack of adequate controls.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 16 High : 0
Largely Compliant : 19 Substantial : 4
Partially Compliant : 5 Moderate : 5
Non-Compliant : 0 Low : 2

Peru's technical compliance was re-rated in a January 2020 follow-up report

BASEL i

Rank : 58/125
Score : 5.33/10

TRANSPARENCY INTERNATIONAL i

Rank : 101/180
Score : 36/100

Tax Justice Network i

Rank : 101/133
Score : 57/100