From January 2019, Peru’s savings and credit cooperatives will be subject to financial regulation by the Superintendencia de Banca y Seguros y AFP (SBS), the autonomous government agency responsible for the regulation and supervision of the Peruvian financial system. The move was approved by the national congress on 6 June despite sustained opposition from Keiko Fujimori’s Fuerza Popular party during the bill’s earlier phases. The number of savings and credit cooperatives in Peru has grown exponentially in the past five years yet until now their financial regulation has been entirely voluntary, enabling widespread money laundering.End of preview - This article contains approximately 1047 words.
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