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Argentina getting ready to update its anti-money laundering law

Indrani Bose Follow

INDIA

Dec, 02 2022

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Argentina getting ready to?update its anti-money laundering law as these changes will make the country prepared for next year's review by the Financial Action Task Force (FATF).

The nation is now focusing to update its anti-money laundering and terrorism financing laws so as to meet contemporary requirements. This could include establishing a unified single registry for virtual asset service providers (VASPs) in the nation.

The proposal is being made by a number of organizations in the nation, including the national securities regulator (CNV) and the Argentine tax authority (AFIP). In 11 years, lawmakers have not made any changes to this law and this change would be the first change.

The institutions had a meeting with the country's deputy chamber recently to present the modifications to them.

The proponents of these revisions claims that similar changes have been made in other nations which are examined by the FATF. They highlighted that these are necessary preliminary steps before beginning to develop cryptocurrency-specific regulations in Argentina. Taking experience from the situation that one of the top three cryptocurrency exchanges FTX faced recently, Sebastian Negri, head of the anti-money laundering organization in the country (UIF) added that these revisions would be helpful to protect customers' cash in these platforms from potential failures and even bankruptcy. Negri also said that this change would address the ways businesses use the personal data they collect.

Recently, Argentina participated in a study which is done by the Washington, D.C.-based think tank Global Financial Integrity. It concludes that Latin American cryptocurrency regulation was still ineffective at identifying and convicting crypto-related crime.

According to a report, Unidad de Información Financiera which is the anti-money laundering authority in Argentina will add crypto service providers to the list of companies that are required to submit anti-money laundering (AML) reports.

The Financial Conduct Authority of the United Kingdom implemented the same regulation in March 2021. A yearly report on financial crime is required to be "sent" by cryptocurrency companies. Recent changes have been made to cryptocurrency legislation in the US and the EU.

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Indrani Bose

CBW - External Analyst

INDIA

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Argentina getting ready to update its anti-money laundering law

Indrani Bose Follow

Indrani Bose

CBW - External Analyst

Editor’s Choice

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