Argentina to Revamp Anti Money Laundering Law – A proposed revamp of the anti-money laundering and terrorism financing law in Argentina could involve the establishment of a centralized VASP registry. The proposal, which is being made by a number of institutions in the country, including the Argentine tax authority (AFIP) and the national securities regulator (CNV), would modernize the legislation.
This would be the first amendment proposed to a law that has remained unchanged for eleven years. In a meeting on November 25, the institutions presented the changes to the Deputy chamber of the nation. One of the goals of this action would be to prepare the country for the review of Argentina’s controls that the FATF is scheduled to conduct next year.
The reform would also permit the AFIP to create a database of unique beneficiaries, with the CNV serving as the registry’s leader. The proponents of these modifications explain that they are influenced by similar changes implemented in other countries that have already been evaluated by the FATF, and that they are required steps prior to preparing cryptocurrency-specific regulation in Argentina.
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Sebastian Negri, the head of the country’s anti-money laundering organization (UIF), elaborated on the necessity of approving and implementing these modifications. He stated: “We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing.”
Moreover, Negri stated that these modifications would be useful for protecting users’ funds from potential failures and even bankruptcy, taking cues from the current situation at FTX, one of the top three cryptocurrency exchanges. Negri also mentioned that this reform would address the use of personal information by these companies.
Argentina participated in a recent study conducted by Global Financial Integrity, a Washington, D.C.-based think tank, which concluded that cryptocurrency regulation in Latin America remained ineffective in detecting and prosecuting crypto-related crimes.
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