Financial Crime World

Argentina Proposes Sweeping Reforms to Anti-Money Laundering Laws

Strengthening Efforts Against Money Laundering and Terrorist Financing

Buenos Aires, Argentina - The Argentine government has proposed sweeping reforms to its anti-money laundering laws in an effort to strengthen its efforts against money laundering and terrorist financing.

Bringing Regulations in Line with International Standards

The reforms aim to bring Argentina’s regulations in line with international standards set by the Financial Action Task Force (FATF). This will modify the country’s legal framework for combating money laundering and terrorist financing.

Revised Definition of Obligated Entities

According to the reform project, the definition of obligated entities will be revised to include:

  • Not only public notaries, but also:
    • Lawyers
    • Accountants
    • Other professionals who engage in activities such as:
      • Real estate transactions
      • Asset management
      • Entity formation

Virtual Asset Service Providers (VASPs) Added to Obligated Entities

The proposal will also include VASPs as obligated entities, defining them as:

  • Any natural or legal person conducting activities related to:
    • The exchange of virtual assets and fiat currency
    • Transfer of virtual assets
    • Custody and administration of virtual assets

Risk-Based Approach (RBA) Introduced

The reform project will introduce a risk-based approach (RBA) to anti-money laundering measures, which requires:

  • Financial institutions and other obligated entities to assess and mitigate risks on a case-by-case basis

A Positive Step Forward for Argentina

The proposed reforms are seen as a significant step forward in Argentina’s efforts to combat money laundering and terrorist financing. The country has faced criticism in the past for its inadequate regulations and lack of transparency in its financial sector.

“The proposed reforms demonstrate a commitment by the Argentine government to strengthening its anti-money laundering laws and improving transparency in its financial sector,” said an industry expert. “This is a positive step forward for Argentina, which will help improve its international reputation and attract foreign investment.”

Next Steps

The reform project is currently under review and is expected to be implemented in the coming months.