Argentina Introduces New Anti-Money Laundering Law to Enhance Transparency and Fight Financial Crime
Strengthening Efforts Against Money Laundering and Terrorist Financing
Buenos Aires, Argentina - In a bid to strengthen its efforts against money laundering and terrorist financing, Argentina has introduced a new anti-money laundering law that requires financial institutions and virtual asset service providers to adopt stricter measures to prevent illegal activities.
Key Provisions of the New Anti-Money Laundering Law
- Obligated subjects must maintain appropriate risk management systems to identify politically exposed persons and determine the origin and legality of funds.
- All obligated subjects must keep detailed records of transactions for at least 10 years, in both physical and digital formats.
- The Public Registry of Ultimate Beneficiaries will be maintained by the Federal Administration of Public Revenue (AFIP) and require all companies, legal entities, and natural persons to report their ultimate beneficiaries.
- The Virtual Asset Service Providers Registry will be maintained by the National Securities Commission and require individuals and legal entities providing virtual asset services to provide accurate and updated information about themselves and their activities.
- The Bicameral Committee on Oversight of Intelligence Agencies and Activities will monitor the effectiveness of Argentina’s anti-money laundering system and make recommendations to improve its functioning and effectiveness.
Reaction from Financial Experts
Argentina’s new anti-money laundering law is a significant step forward in the country’s efforts to combat financial crime, said Maria Rodriguez, a leading financial expert. The law’s provisions will help to enhance transparency and prevent illegal activities in the financial sector.
However, some experts have expressed concerns about the potential impact of the law on the country’s financial sector.
“While the law is well-intentioned, it may create additional burdens for financial institutions and virtual asset service providers,” said Juan Perez, a financial analyst. “It will be important to ensure that these entities receive adequate training and resources to implement the new measures effectively.”
Impact on Financial Sector
The new law has been welcomed by financial experts, who say it will help to enhance transparency and prevent financial crime in Argentina. However, some have expressed concerns about the potential impact on the country’s financial sector and the need for additional training and resources to implement the new measures effectively.
Overall, the new anti-money laundering law is a significant step forward in Argentina’s efforts to combat financial crime and promote transparency in its financial sector.