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).
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.
