Peru

New Documents

Basel Institute Announces Successful Non-Conviction Based Confiscation Proceeding by Peruvian Prosecutors, Release of Case Study

The Basel Institute of Governance announced the successful non-conviction-based confiscation by Peruvian authorities of approximately one million dollars linked to terrorist financing.

March 17, 2021

GAFILAT Releases Follow-Up Report for Peru

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.

March 3, 2020

GAFILAT Releases Mutual Evaluation of Peru

February 15, 2019

Basel Institute on Governance Addresses Peru’s Recent Asset Confiscation Efforts

November 16, 2018

EU Council Highlights Tax Commitments of Liechtenstein, Peru

October 2, 2018

News

Weekly Roundup: Hapoalim Hit with $900 Million in US Fines, FATF Gray List Looms Over UAE, and More

Seizures of drug cash on the upswing amid COVID-19 pandemic, Mexican drug cartels turn to human trafficking, and more, in the weekly roundup.

May 1, 2020

Midweek Roundup: Fed Pauses Exams amid COVID-19 Pandemic, Audit Details Swedbank AML Breaches, and More

Swedbank penalizes ex-CEO for poor AML oversight, Yes Bank owner funneled bribes through nearly 100 firms, and more, in the midweek roundup.

March 25, 2020

Midweek Roundup: Bank of China Agrees to Multimillion French Fine, ABLV Raided in Latvia, and More

January 29, 2020

Weekly Roundup: Deutsche Bank Denies Holding Trump Tax Returns, Appeals Court Clears Subpoena of President’s Accounting Records, and More

October 11, 2019

Midweek Roundup: Latvia Fines Rigensis Bank, ING’s Belgian Affiliate Hit with AML Penalty, and More

July 17, 2019

Enforcement Actions

0 Items Found

Key Documents

Peru Designates Terrorism, Terrorism Financing as Crimes

May 6, 1992

Peru Enacts Anti-Terrorist Legislation

December 21, 2000

Peru Enacts Legislation Against Asset Laundering

June 27, 2002

Peru Passes Law Integrating FIU with Other Financial Agencies (in Spanish)

June 12, 2007

Peru Issues New Decree to Strengthen AML Regime, FIU Powers (in Spanish)

November 26, 2016

Important Facts

  • The U.S. State Department identifies Peru as a major money laundering country. Though the country maintains a strong anti-money laundering regime, it struggles to enforce the legal framework due to poor interagency coordination, limited information sharing, cooperating, and internal political strifes such as the transfer of power between three presidents in 2020. 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. 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 also serves as another source of illicit finance given its lack of adequate controls. The Peruvian government has taken steps to strengthen its anti-money laundering regime, including establishing a special prosecutor's office for asset forfeiture.  In 2020, the country identified $1 billion in potentially illicit funds flowing through the country, a 43 percent increase from 2019.
Source: 2021 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 : 104/141
Score : 4.53/10

TRANSPARENCY INTERNATIONAL i

Rank : 101/180
Score : 36/100

Tax Justice Network i

Rank : 101/133
Score : 57/100