We break down how a family network leveraged offshore companies in the British Virgin Islands, along with Peru-based fishing and real estate companies, to allegedly launder millions for suspected drug traffickers.
The case study provides compelling evidence of the ongoing financial crime risks associated with the Peruvian fishing industry.
The investigation into the Barrera Palacios network reportedly began after an unnamed financial institution filed a suspicious activity report (SAR) in 2012 with Peru’s Financial Intelligence Unit.
At least one Peru-based seafood company implicated in the alleged money laundering scheme sent over 200,000 kilos of frozen scallops to customers in the U.S. and Europe since 2013, according to commercial trade data from Panjiva.
Sayari provides data intelligence platforms to power the fight against financial crime, increase corporate transparency in high-risk places, and support critical national security mission sets. The top global financial institutions, Fortune 100 corporations, financial crime regulators, and enforcement agencies in 35 countries trust Sayari every day.