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Financing for Money Laundering Crimes: 48-Hour Deadline
In a move to combat money laundering, Argentina has introduced a new regulation requiring individuals and businesses convicted of such crimes to provide financing within 48 hours of the operation or attempted operation.
New Regulation
The new rule applies to all non-working days and hours, including weekends and holidays. The penalty for failing to comply with this regulation can be severe, with fines ranging from two to ten times the value of the illegal transaction.
AML Fines and Penalties
According to Article 20 of Law 25.246, individuals and businesses convicted of money laundering crimes can face penalties ranging from six months to three years imprisonment for transactions under AR$300,000 (approximately $2,700). For larger transactions, the penalty can range from two to ten years imprisonment.
Maximum Fine
The maximum fine for failing to comply with AML requirements is 10 times the value of the goods or services involved in the transaction. If the value cannot be determined, the maximum fine is AR$100,000 (approximately $900).
Recent Developments
Argentina has been working to strengthen its AML regulations and has recently proposed new rules to include cryptocurrency businesses under AML laws. The country has also made significant strides in developing its financial system, with a risk score drop from 6.74 in 2016 to 5.03 in 2021.
AML Compliance
Anti-Money Laundering (AML) is a set of measures aimed at preventing illicit activities such as money laundering and terrorist financing. To comply with AML regulations, businesses must:
- Avoid knowingly assisting criminal activities
- Report suspicions of money laundering activity
Frequently Asked Questions
What is AML compliance?
AML is a set of measures to prevent money laundering and terrorist financing.
Who is required to have an AML policy?
All regulated companies subject to AML regulations are required to have an AML policy.
What is the condition of money laundering in Argentina?
Argentina has made significant strides in developing its AML regulations, with a risk score drop from 6.74 in 2016 to 5.03 in 2021.
Important Notice
Businesses operating in Argentina must ensure they are compliant with all relevant and incoming regulations. Failure to comply can result in severe penalties, including fines and imprisonment. It is essential to stay up-to-date on the latest developments in AML regulations to avoid any potential consequences.