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Argentine Anti-Money Laundering Law (Law 25,246)
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Overview
The Argentine Anti-Money Laundering Law aims to prevent and combat money laundering activities in Argentina. The law defines money laundering as the act of disguising or concealing the origin of assets obtained through illicit means.
Definition of Money Laundering
According to Article 7 of Law 25,246, money laundering is defined as:
- Disguising or concealing the origin of assets obtained through illicit means.
- Crimes like drug trafficking, terrorism, or corruption are considered illicit activities.
Reporting Obligations
The law requires certain entities and individuals to report suspicious transactions to the Financial Information Unit (Unidad de Información Financiera). These entities include:
- Financial institutions
- Stockbrokers
- Insurance companies
- Others involved in high-risk activities
Confidentiality
Officers and employees at the Financial Information Unit are bound by a duty of confidentiality regarding all information they receive due to their position or as part of intelligence tasks.
Criminal Administrative Regime
The law establishes a criminal administrative regime for legal persons who apply assets from a criminal source or collect/provide property or money for terrorist activities. Legal persons can be fined up to 60 times the value of the assets involved in the crime, depending on the circumstances.
Natural Persons
Natural persons who act as representatives or decision-makers of legal persons or fail to report suspicious transactions to the Financial Information Unit can face fines ranging from one to ten times the total value of the assets or transaction related to the violation.
Conclusion
The Argentine Anti-Money Laundering Law is a comprehensive piece of legislation aimed at preventing and combating money laundering activities in Argentina. It requires certain entities and individuals to report suspicious transactions, imposes criminal sanctions on legal persons involved in money laundering activities, and establishes a duty of confidentiality for those who deal with financial information.