Justice Minister Calls For New Legal Framework Against Organized Crime

Justice Minister Juan Jimenez said Wednesday that Peru needs a new legal framework to combat organized crime, state news agency Andina said. Jimenez said that the Executive seeks to ask Congress for facilities to improve the government’s efforts to tackle organized crime. “It is important that the country can count on these tools and that [...]

Money Laundering Moves $6 Billion Per Year – Attorney General

Money laundering in Peru moves some $6 billion per year, with two-thirds of that amount coming from the illegal gold industry, Peru’s attorney general, Jose Pelaez, said. Illegal gold mining moves around $4 billion a year, while drug trafficking moves the rest of the $2 billion per year, Pelaez said. Elmer Cuba of Macroconsult, puts [...]

Peru’s Illegal Gold Mining Bigger Than Drug Trade

Exports of illegal gold from Peru bring in about $1.8 billion per year, making it larger than the country’s drug trade, according to a new study by consulting firm Macroconsult. Elmer Cuba, a prominent Peruvian economist with Macroconsult, presented on Wednesday a new study that shows the size and influence of illegal gold mining, and [...]

EU to Support Anti Money Laundering Efforts in Peru

The European Union is to provide support to Peru to combat money laundering from the illicit drug trade, the head of the EU’s delegation in Peru, Hans Allden, said. “It is a clear priority of the European Union to reinforce the ambitions of Peru and other countries (in Latin America) regarding money laundering, in a wider [...]

Wikileaks: Peru’s gaming sector “wide open” for money laundering

A lack of regulation and qualified personnel make Peruvian casinos a target for abuse by money launderers and drug traffickers, former US Ambassador to Peru, Michael McKinley, wrote in a 2009 diplomatic cable obtained by Wikileaks and posted by daily El Comercio. The cable describes a visit to Peru by the Treasury Department’s Office of [...]

Authorities add Cataño and Sanchez Paredes son to drug baron list

A secret government document, prepared following a mid-2010 meeting by the heads of Peruvian intelligence agencies, outlines the alleged drug bosses in the world’s top coca producing country. The  “white list” or “Peruvian Kingpin Act,” which was obtained by daily El Comercio, includes for the first time businessman Cesar Cataño, who changed his name from [...]

Peru’s securities regulator suspends Stanford Bank’s activities for 30 days

Peru’s securities and exchange regulator, Conasev, has suspended the operations of Stanford International Bank’s local Lima unit for 30 days, pending an investigation into whether the firm was involved in a money-laundering scheme tied to Mexico’s drug cartels.

Congress approves modified version of law to fight organized crime

Congress approved a modified version of legislative decree 992, or the Lost Domain Law, yesterday that will allow authorities to seize the goods of people who are accused of crimes related to drug trafficking, kidnapping, extorsion and money laundering, among others. The legislation was approved with 74 votes in favor, five against and 16 absent [...]

El Comercio: Judicial commmission rules against probe of attorney general

The National Magistrates Council, CNM, has decided to not open investigations against Attorney General Adelaida Bolívar over her handling of two drug trafficking investigations. The CNM’s disciplinary commission, led by Francisco Delgado, summoned Bolívar and three other prosecutors in early February to answer questions about alleged irregularities. According to daily El Comercio, the commission found [...]