Actualidad Peru

Reinforcement in the fight against money laundering

Legislative Decree 1388

Legislative Decree 1388 modifying the Law against tax evasion and encouraging the formal economy was published in September.

The changes include the obligation to use certain payment systems (account deposits, money orders, fund transfers, payment orders, debit and credit cards issued in the country, together with checks that are non-negotiable, non-transferable, non-bearer or equivalent, etc.) for the following transactions:

a) Transactions completed by means of paying sums above PEN 3,500.00 or USD 1,000.00, even when these are effected by partial payments of smaller amounts,

b) Paying in or returning sums of money under the heading of consumer loans, independently of the amount involved in the contract, and

c) Payment of sums of money for the following transactions for amounts equal to or more than 3 tax units (UIT):

  • Constitution or transfer of real rights over real estate,
  • Transfer of ownership or constitution of real rights over vehicles, new or used, whether these are for air, sea or land transport, and
  • Acquisition, expansion and reduction of stakes in the capital of a legal person.

In addition, the Decree makes provisions for the duty of regulated entities to prove the payment systems used in the corresponding legal act and/or legal instrument drawn up. If the client refuses to comply with this requirement, the duty of the regulated entity is to refrain from completing the transaction, with the obligation of considering whether to make a report of suspicious activity to Peru's Financial Information Unit.

In the case of foreign trade transactions, payment systems must be used for the international trading of merchandise for import for consumption whose FOB value is above PEN 7,000.00 or USD 2,000.00.

The amendments will come into force once the Decree changing the table of sanctions applicable to the breaches stipulated in the General Customs Law enters into effect.