Argentina’s Compliance with International Anti-Money Laundering (AML) Standards

Argentina has made significant efforts to comply with international Anti-Money Laundering (AML) standards. The country adheres to the Financial Action Task Force (FATF) recommendations, enacting comprehensive legislation and regulation, exercising regulatory oversight, adopting a risk-based approach, engaging in international cooperation, and maintaining supervision and enforcement mechanisms.

Key Components of Argentina’s AML Framework

• Adherence to FATF Recommendations: Argentina aligns its AML framework with the FATF’s recommendations, which serve as the global benchmark for AML and counter-terrorist financing (CFT) efforts.
• Legislation and Regulation: Argentina has enacted comprehensive AML and CFT legislation to address the FATF’s recommendations. The primary legal framework is Law No. 25,246, known as the “Anti-Money Laundering Act,” and subsequent amendments.

Regulatory Oversight and Enforcement

Argentina’s regulatory authorities, including the Financial Information Unit (UIF) and the Central Bank of Argentina, oversee the implementation of AML measures. These authorities issue regulations, guidelines, and directives to ensure compliance with FATF standards.

• Risk-Based Approach: Argentina has adopted a risk-based approach to AML/CFT, as recommended by the FATF. This approach involves assessing the risks associated with money laundering and terrorist financing and tailoring AML measures accordingly.
• International Cooperation: Argentina actively participates in international efforts to combat money laundering and terrorist financing. It is a member of the FATF and adheres to its mutual evaluation process, which assesses the effectiveness of a country’s AML/CFT regime.

Supervision and Enforcement Mechanisms

To ensure compliance with AML/CFT measures, Argentina maintains a robust system of supervision and enforcement. Regulatory authorities have the power to impose sanctions, fines, or other penalties on entities that fail to comply with AML regulations.

By implementing these measures, Argentina demonstrates its commitment to complying with international AML standards and combating money laundering and terrorist financing.