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Argentina Cracks Down on Financial Crime with New Beneficial Ownership Standards
Argentina Embraces Global Efforts to Combat Money Laundering and Corruption
In a significant move to combat financial crime and curb corruption, Argentina has adopted new global standards on beneficial ownership aimed at identifying those who hide illicit activities behind shell companies or complex structures. The updated guidelines, agreed upon by the Financial Action Task Force (FATF), will require countries to assess money laundering and terrorist financing risks linked to legal arrangements and take mitigating measures.
New Global Standards on Beneficial Ownership
In March 2022, the FATF agreed on tougher global beneficial ownership rules aimed at stopping criminals from hiding their dirty money behind secret corporate structures. The changes will ensure that investigators can quickly and easily find out who the true beneficial owners of companies are.
Key Benefits of the Updated Guidelines
- Improved transparency
- Closure of loopholes used by fake companies to hide wealth or engage in criminal activity
- Enhanced ability for authorities to identify and tackle illicit activities
Argentina’s Efforts to Implement New Standards
Argentina has been working closely with the private sector and other stakeholders to implement these new standards, which will help prevent and combat financial crime, curb corruption, and support sustainable economic growth.
Implementation of Revised Guidelines
The FATF’s updated guidance on Recommendation 25 on legal arrangements is part of a broader effort to ensure a balanced and coherent set of standards on beneficial ownership. The revised guidelines reflect input from public consultations and aim to help stakeholders assess and mitigate money laundering and terrorist financing risks linked to trusts or similar legal arrangements.
Strengthening Argentina’s Financial System
In Argentina, the implementation of these new standards is seen as a crucial step in strengthening the country’s financial system and combating financial crime. With the updated guidance now in place, authorities are better equipped to identify and tackle illicit activities, ensuring that those who engage in financial crimes are held accountable.