Thursday, June 2, 2011

Argentina .- The Argentine Senate approved a law against money laundering

BUENOS AIRES, 2 June (Reuters) - Argentina's Senate on Wednesday became law a bill against money laundering, in response to a request in this regard the Government of Cristina Fernandez de Kirchner, seeking to modernize the weak mechanisms financial control of that country. The adoption of the rule came after the government faced objections from the Financial Action Task Force (FATF), which considered include Argentina in a "gray list" of legislative gaps that hindered the fight against money laundering.

Among the most important points of law - passed by 57 votes in favor, four against and one abstention - are the autonomy of money laundering and the incorporation of the figure of the "car wash." They are also key points "extraterritoriality" of crime, which can be judged a crime occurred in another country, and the extent of liability and administrative sanctions to legal persons.

Senators also voted a draft reform which seeks to amend several articles of the law passed, previously approved by the Chamber of Deputies. "This law needs to be a commitment by the political class in Argentina in the fight against organized crime. Argentina is progressing on international standards and confirms its commitment to the fight against money laundering and terrorism," he said during the debate dissident Peronist Senator Sonia Escudero.

"This law needs to be a simple way to fulfill a commitment to the Financial Action Task Force (FATF), meeting on 20 June," he added. In recent months through regulations issued by the Financial Intelligence Unit (FIU), Argentina adjusted controls to comply with international rules and the Government insisted that Congress approve the draft treaty on Wednesday.

After these adjustments, the FATF emphasized the "tough actions" of Argentina to bring its policy against the laundering of international standards and postponed the possible inclusion of the country into a "gray list", which would have complicated the operation of banks , even more expensive credit.

The FATF is an intergovernmental body that promotes local and global policies to combat money laundering and terrorist financing.

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