Andina

Peru President enacts law to oversee credit unions

12:57 | Lima, Jul. 18.

President Martin Vizcarra on Wednesday enacted the bill enabling the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS) to oversee Peruvian credit unions.

The measure aims at helping fight money laundering in the Inca country.

At the gathering, the Peruvian leader expressed his administration's support for this initiative.

The event was also attended by SBS Head Socorro Heysen, Ministers Cesar Villanueva (Prime), and Carlos Oliva (Economy and Finance).

As is known, the SBS had called on Parliament to pass such bill.

Similarly, the International Monetary Fund (IMF) had considered Peruvian Congress should pass the bill authorizing such supervision.

According to the World Bank, an eventual supervision by the SBS would definitely have a positive impact on Peru's assessment process to become a full member of the Organisation for Economic Cooperation and Development (OECD).

(END) RES/JAA/MVB

Published: 7/18/2018