Peru Targets Crypto Regulation with Aim of Thwarting Money Laundering
Peru’s race to evolve its legal system and adapt to the challenges of a “crypto society” has only just begun. In an interview granted to JusticiaTV, the official channel of the Peruvian judicial system, the Superior Judge of that country, Bonifacio Meneses Gonzales, asked Congress to regulate crypto to combat money laundering.
Legal Gaps Need to be Filled With Proper Regulation
The well-known jurist explained that although the country has made progress in legal matters, there are still specific gaps that are exploited by criminals to launder money. The lack of proper regulations and other conflicts of competence have allowed some crimes to go unpunished:
“It is urgent that the legislative authorities dictate the adequate laws in money laundering so that whoever uses crypto is clearly identifiable; this scenario must have a legislative regulation.”
The judge explained that in Peru, the adoption and trading of crypto is a growing trend, mainly thanks to the bitcoin community. But the rising wave of criminals has tarnished the reputation of this group.
“The traffic of bitcoin exists, and the criminals are identified. But because it is out of our jurisdiction, digital assets can be used in shady businesses.”
In Peru, money laundering is considered an autonomous crime, which means that this conduct is punishable by itself and prosecutors do not have to prove any preexisting crimes. This new ruling was possible thanks to the combined efforts of legislators and judges, culminating in the Legislative Decree No. 1106 and the Plenary Agreement 01-2017 of the Supreme Court of Justice.
