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Mutual Evaluation Report of Peru Mutual Evaluation Report of Peru MUTUAL EVALUATION REPORT OF PERU February 2019 0 Mutual Evaluation Report of Peru Citing reference: GAFILAT (2019) – Mutual Evaluation Report of the Fourth Round – Perú © 2019 GAFILAT. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the GAFILAT Secretariat at the following address: Florida 939 - 10º A - C1005AAS - Buenos Aires – Telephone (+54-11) 5252-9292; e-mail: [email protected]. 1 Mutual Evaluation Report of Peru MUTUAL EVALUATION REPORT OF THE REPUBLIC OF PERU Executive Summary ..................................................................................................................................... 7 Key findings ................................................................................................................................................. 7 Risk and General Situation ........................................................................................................................ 10 Overall Level of Effectiveness and Technical Compliance ....................................................................... 10 Assessment of risks, coordination and policy setting (Chapter 2 – IO.1; R.1, R.2, R.33) ..................... 10 Financial Intelligence, Money Laundering and Confiscation (Chapter 3 – IO 6-8; R.3, R.4, R.29-32) 11 Terrorist Financing and Financing of Proliferation (Chapter 4 – IO9-11; R.5-8) .................................. 12 Preventive Measures (Chapter 5 – IO4; R.9-23). ................................................................................... 12 Supervision (Chapter 6 – IO3; R.26-28, R.34-35) ................................................................................. 12 Transparency of Legal Persons and Arrangements (Chapter 7 – IO5; R.24-25) ................................... 13 International Cooperation (Chapter 8 – IO2; R.36-40) .......................................................................... 13 Priority Actions .......................................................................................................................................... 13 Effectiveness & Technical Compliance Ratings ........................................................................................ 15 Effectiveness Ratings ............................................................................................................................. 15 Technical Compliance Ratings ............................................................................................................... 16 AML/CFT Policies and Coordination .................................................................................................... 16 Money Laundering and Confiscation ..................................................................................................... 16 Terrorist Financing and Financing of Proliferation ................................................................................ 16 Preventive measures ............................................................................................................................... 16 Transparency and BO of legal persons and arrangements ..................................................................... 16 Faculties and duties of competent authorities and other institutional measures ..................................... 16 International Co-operation ..................................................................................................................... 16 Mutual Evaluation Report .......................................................................................................................... 18 Preface ....................................................................................................................................................... 18 CHAPTER 1. ML/TF RISKS AND CONTEXT ....................................................................................... 18 ML/TF Risks and Scoping of Higher-Risk Issues ..................................................................................... 19 Overview of ML/TF Risks ..................................................................................................................... 19 Country’s risk assessment ...................................................................................................................... 20 Materiality .................................................................................................................................................. 20 Structural Elements .................................................................................................................................... 22 Background and other Contextual Factors ................................................................................................. 22 Overview of AML/CFT strategy ............................................................................................................ 22 Overview of the legal & institutional framework................................................................................... 23 Overview of financial sector and DNFBPs ............................................................................................ 24 Overview of preventive measures .......................................................................................................... 26 Overview of legal persons and arrangements ......................................................................................... 27 Overview of supervisory arrangements .................................................................................................. 27 CHAPTER 2. National AML/CFT Policies and Coordination .................................................................. 29 Key Findings and Recommended Actions ................................................................................................. 29 Immediate Outcome 1 (Risk, Policy and Coordination) ............................................................................ 29 Country’s understanding of its ML/TF risks .......................................................................................... 29 National policies to address identified ML/TF risks .............................................................................. 32 Exemptions, enhanced and simplified measures .................................................................................... 32 Objectives and activities of competent authorities ................................................................................. 33 National coordination and cooperation .................................................................................................. 34 2 Mutual Evaluation Report of Peru Private sector’s awareness of risks ......................................................................................................... 34 CHAPTER 3. LEGAL SYSTEM AND OPERATIONAL ISSUES .......................................................... 36 Key Findings and Recommended Actions ................................................................................................. 36 Immediate Outcome 6 (Financial intelligence ML/TF) ............................................................................. 37 Use of financial Intelligence and other information. .............................................................................. 37 STRs received and requested by competent authorities ......................................................................... 39 Operational needs supported by FIU analysis and dissemination .......................................................... 40 Cooperation and exchange of information/financial intelligence........................................................... 43 Immediate Outcome 7 (ML investigation and prosecution) ...................................................................... 44 ML identification and investigation ....................................................................................................... 44 Consistency of ML investigations and prosecutions with threats, risk profile and national AML policies. ................................................................................................................................................................ 47 Types of ML Cases Prosecuted. ............................................................................................................. 49 Effectiveness, proportionality and dissuasiveness of sanctions ............................................................. 51 Immediate Outcome 8 (Confiscation) ........................................................................................................ 53 Confiscation of proceeds, instrumentalities and property of equivalent value as a policy objective ..... 53 Confiscations of proceeds from foreign and domestic predicates, and proceeds located abroad ........... 54 Confiscation of cross-border transactions in false or undeclared currencies/negotiable bearer instruments (NBI) ...................................................................................................................................................... 58 Consistency of confiscation results with ML/TF risks and national AML/CFT policies and priorities. ...............................................................................................................................................................
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