Financial Crime World

Argentina Takes Steps to Combat Financial Crime through Beneficial Ownership Registries

Buenos Aires, Argentina - June 21-22

The 3rd International Conference on Beneficial Ownership Registries was held at Argentina’s Central Bank, bringing together over 150 experts from government, civil society, the private sector, and academia to discuss ways to combat financial crime through effective beneficial ownership registries.

The Importance of Beneficial Ownership Registries

Identifying True Owners

Beneficial ownership registries are crucial in preventing money laundering, corruption, and other financial crimes by identifying and tracking the true owners of companies and assets. This helps to prevent individuals from hiding behind complex corporate structures or shell companies to conceal their illicit activities.

Regulatory Developments at the International Level

G20 and EU Initiatives

The conference featured a series of panel discussions on regulatory developments at the G20 and EU level, including:

  • The 4th Anti-Money Laundering (AML) Directive
  • Proposals for the 5th AML Directive
  • Compliance with FATF recommendations
  • Identification of loopholes in beneficial ownership definitions and thresholds

Argentina’s Efforts to Implement Beneficial Ownership Registries

New Rules on Beneficial Ownership

In Argentina, regulatory efforts are underway to implement new rules on beneficial ownership for legal entities and trusts. These requirements include:

  • Disclosure of ultimate owners
  • Simplified joint-stock companies (SAS) available online in 24 hours
  • Enhanced transparency and accountability

The Media’s Role in Exposing Financial Crimes

Scrutiny and Analysis

Panelists discussed the importance of media scrutiny in exposing financial crimes, including:

  • Technical obstacles to processing and analyzing public data
  • Creative ways to obtain information on corruption cases
  • Use of data analysis tools to identify suspicious transactions

Digitalization of Data and International Cooperation

Risks and Opportunities

Experts emphasized the need for digitalization of data to facilitate state procedures and identify beneficial owners. They also highlighted:

  • The risks of anonymity or pseudo-anonymity in crypto-coins, such as bitcoins
  • The importance of international cooperation to combat crypto-coin crime