Search for:
AML & Financial Services Regulatory

Argentina: Enactment of the regulatory framework for the prevention of money laundering and financing of terrorism

By , , and 1 Min Read

In brief

On 14 March, the amendments to the Law on the Prevention of Money Laundering and Financing of Terrorism (Law 27,739) were approved. They implement changes and updates to adjust local regulations to international standards and the recommendations of the Financial Action Task Force (GAFI).

In depth

Argentina is currently undergoing a GAFI/GAFILAT review and evaluation process. In that sense, Law 27,739 was promoted by the Financial Information Unit (UIF) to introduce more tools to combat organized crime, promote compliance with obligations of the private sector and address key aspects that emerged from the GAFI/GAFILAT mutual evaluation.

Law 27,739 makes the following changes to the legal framework for the prevention and investigation of money laundering and financing of terrorism:

  • Introduces a substantial reform of the Money Laundering Law (Law 25,246, enacted in 2000 and amended in 2011)
  • Amends Article 41 quinquies, Article 303 and Article 306 of the Criminal Code
  • Creates a centralized registry of beneficial owners
  • Establishes parliamentary control for the prevention, investigation and criminal prosecution of money laundering and terrorist financing
  • Creates a registry of virtual asset service providers (VAPS)

Click here to access the Spanish version.

Categories:
Author

Fernando Goldaracena is a partner in Baker McKenzie Buenos Aires Office. He heads the White Collar Crime Practice Group and is a member of the Compliance & Investigations Practice Group. Prior to joining the Firm, Fernando served as secretary of the Federal Criminal Court No. 2 of San Isidro, where he led several criminal investigations ranging from white collar crimes, public corruption and tax fraud. He is member of both the Compliance & Money Laundering and the Criminal Law Practice Groups of the City of Buenos Aires Bar Association (Colegio de Abogados de la Ciudad de Buenos Aires).

Author

Gabriel Gomez-Giglio is partner at Baker McKenzie’s Buenos Aires office, chair of the Latin America Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Firm’s Financial Institutions Industry Group. He advises clients on a variety of general commercial issues. His practice focuses on the areas of transactional and regulatory matters, including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel is a member of the Board and Adjunct Professor of Law at Universidad Torcuato Di Tella and a visiting professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.

Author

Jeronimo Argonz is an Associate in Baker McKenzie, Buenos Aires office.

Author

Nicolás Servente is an Associate in Baker McKenzie Buenos Aires office.

Related Posts