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Argentina Takes Lead in Fighting Financial Crime with Groundbreaking Public-Private Partnership
In a significant step forward for global efforts to combat financial crime, Argentina’s Financial Intelligence Unit (FIU) has signed a landmark cooperation agreement with its main reporting entities. The partnership, dubbed Fintel AR, marks the country’s entry into a new era of collaboration between public and private sectors in the fight against money laundering and terrorist financing.
A Model for Regional Cooperation
Fintel AR brings together Argentina’s FIU with seven major banks - Banco Nación, Banco Galicia, Banco Provincia, Banco Supervielle, Banco Hipotecario, and Banco Ciudad - to share information and best practices in a bid to strengthen the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) framework. This unprecedented partnership is set to become a model for other countries in the region.
The Initiative Behind Fintel AR
The initiative is part of a broader trend promoted by the Egmont Group of Financial Intelligence Units, which counts 164 member FIUs worldwide. Argentina’s President of the FIU, Mariano Federici, currently chairs the group and has been instrumental in driving this collaboration forward.
Key Objectives of Fintel AR
The partnership is expected to focus on the following key objectives:
- Identifying risks to financial integrity in the banking sector
- Developing typologies
- Providing feedback to the financial system
- Exploring potential amendments to the country’s regulatory framework
Enhancing Collaboration and Prevention
Fintel AR is expected to facilitate a more effective exchange of information and analysis between the public and private sectors, ultimately enhancing Argentina’s ability to prevent and detect financial crimes.
A New Era of Cooperation
The launch of Fintel AR follows a conference on Public-Private Partnerships to Combat Money Laundering and Terrorist Financing held at the British Embassy in Buenos Aires and sponsored by Argentina’s FIU on November 20, 2019. The event brought together experts from around the world to discuss the importance of collaboration between public and private sectors in the fight against financial crime.
Future Outlook
As Fintel AR moves forward, other local and international banks are expected to join the partnership in the coming weeks as they undergo internal approval procedures. This groundbreaking initiative is set to pave the way for a new era of cooperation and innovation in Argentina’s fight against financial crime.