Argentina

New Documents

Banco Central de la Republica Argentina, the central bank of Argentina, extended the reporting requirements of financial institutions due to the COVID-19 pandemic.

The government of Argentina published Regulation 4697, which requires the identification of companies’ beneficial owners for entities classified as: companies, partnerships, mutual funds, associations, and investment funds.

News

Enforcement Actions

Argentina’s financial intelligence unit fined the Buenos Aires-based financial institution and its chief compliance officer 538.161 pesos for failing to report suspicious transactions between April and October 2006.


Important Facts

  • The U.S. State Department labels Argentina as a major money laundering jurisdiction. Money laundering occurs throughout the financial system and is commonly related to narcotics trafficking, public corruption and tax evasion. The TriBorder Area (TBA) shared with Brazil and Paraguay is a major route through Argentina for dollar counterfeiting, drug trafficking, trade-based money laundering and other smuggling offenses. Specifically, the terrorist organization Hizballah has significant financing operations in the TBA. State and private financial institutions, money or value transfer businesses, exchange houses, real estate and the gaming industry are particularly vulnerable to laundering activities. Limited regulatory and criminal enforcement capabilities and insufficient controls at points of entry make it difficult for Argentina to adequately prevent the flow of illicit funds into the country, including the transport of bulk cash. It is also vulnerable to money laundering based on its cash-based economy and large informal sector. Foreign and domestic politically exposed persons are subject to enhanced due diligence and Argentina maintains know-your-customer and suspicious activity reporting requirements. Both foreign and domestic politically exposed persons are subject to enhanced due diligence.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 1 Substantial :
Partially Compliant : 26 Moderate :
Non-Compliant : 20 Low :

BASEL i

Rank : 74/141
Score : 5.08/10

TRANSPARENCY INTERNATIONAL i

Rank : 66/180
Score : 45/100

Tax Justice Network i

Rank : 94/133
Score : 55/100