The Financial Intelligence Unit (FIU) is an organization that has gained great importance in recent years due to two dangers that Peru seeks to curb at all levels, such as money laundering and terrorist financing. In the following note, we explain the importance and functions of this body attached to the Superintendency of Banking, Insurance and AFP (SBS).
In Peru, the FIU works closely with entities such as the Public Ministry for the prevention and detection of possible cases of money laundering, understood as the process of converting, guarding, hiding or transferring money, goods, effects or profits to avoid the identification of their illicit origin and make them appear legitimate; as well as financing terrorists or terrorist organizations.
What is the FIU (Financial Intelligence Unit)?
The Financial Intelligence Unit of Peru (UIF-Peru) is a body in charge of receiving, analyzing and transmitting to the Public Ministry information for the detection and prevention of money laundering and / or terrorist financing in the country. It was created by Law No. 27693 of 2002 and incorporated as a Specialized Unit to the Superintendency of Banking, Insurance and AFP (SBS) by Law No. 29038 of June 12, 2007, and has functional and technical autonomy.
What is a Financial Intelligence Unit for?
According to the description provided on the SBS website, the Financial Intelligence Unit of Peru is in charge of receiving, analyzing, treating, evaluating and transmitting information for the detection of money laundering (ML) and / or financing of the terrorism (FT); as well as to contribute to the implementation by the obliged subjects of the prevention system to detect suspicious operations of said illicit activities.
What are the functions of an FIU?
In addition to the aforementioned tasks, the FIU also performs the following functions:
- Establish and coordinate with the supervisory bodies the regulation on ML / TF prevention, including infractions and sanctions.
- Act as a contact for the exchange of information at the international level in the prevention and fight against ML / TF.
- Lead the National ML / TF Prevention System, participating in the development of the National Plan to Fight ML / TF.
- Provide the freezing of funds in national cases related to ML / TF crimes and of the persons and entities listed, in accordance with the resolutions of the United Nations Security Council (UNSC) No. 1267 (1999) and the resolutions that succeed him, 1373 (2001), 1718 (2006); among other.
.
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
