Financial Crime World

Financial Crime in Argentina: A Comprehensive Guide

Argentina’s financial crime landscape has undergone significant changes in recent years, with new laws and regulations aimed at combating various forms of corporate fraud, bribery, corruption, and other illicit activities. This FAQ guide provides an overview of key concepts related to financial record keeping, due diligence, corporate liability, cartels, immunity and leniency, cross-border cooperation, whistleblowing, and managing exposure to corruption and corporate crime.

What is Financial Crime in Argentina?

Financial crime in Argentina encompasses a range of offenses, including:

  • Corporate fraud
  • Bribery and corruption
  • Insider dealing and market abuse
  • Money laundering
  • Terrorist financing
  • Breaches of financial/trade sanctions

These offenses are defined and regulated by various laws and regulations, such as the Argentine Anti-Corruption Law, the Securities Market Law, and the Money Laundering Prevention Act.

Which Authorities Investigate and Enforce Financial Crime in Argentina?

The following authorities investigate and enforce financial crime in Argentina:

  • National Office Against Corruption (ONC): responsible for investigating corruption and bribery cases
  • Financial Services Superintendent (AFS): regulates and supervises financial institutions
  • Securities Commission (CNV): oversees securities markets and enforces laws related to insider dealing and market abuse
  • National Anti-Money Laundering Committee (COFEM): coordinates efforts to prevent money laundering

What are the Penalties for Committing Financial Crime in Argentina?

Penalties for financial crimes can include:

  • Imprisonment
  • Fines
  • Suspension or revocation of corporate licenses
  • Restitution to victims
  • Implementation of compliance programs as a condition of settlement

How Do I Protect My Company from Financial Crime in Argentina?

Companies can reduce their exposure to financial crime by:

  • Implementing effective compliance programs
  • Conducting thorough due diligence on business partners and customers
  • Maintaining accurate and transparent financial records
  • Establishing whistleblowing mechanisms to identify potential violations early on

The Argentine government has introduced several reforms aimed at:

  • Strengthening anti-corruption efforts
  • Improving international cooperation to combat money laundering and terrorist financing
  • Increasing use of leniency agreements and other incentives for companies that self-report and cooperate with investigations

By staying informed about the latest trends and developments in financial crime in Argentina, you can better protect your company from these risks and ensure compliance with relevant laws and regulations.