The passage of an Argentine bill intended to entice Argentineans to bank domestically will make it easier for criminals to launder money undetected, say consultants. The measure, part of a sweeping overhaul intended to revitalize Argentina's ailing economy, would waive for six months a 35 percent duty on repatriating undeclared foreign assets. Argentina's senate passed the bill on Thursday and President Cristina Fernandez is expected to sign into law next week. Once signed, the measure will prompt Argentine financial institutions to accept potentially hundreds of millions of dollars from offshore accounts with few checks on where the money came from,...
Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
A plan approved Wednesday by Argentine lawmakers to entice tax dodgers to repatriate their assets will also motivate international bankers to ask questions of their counterparts in the country.
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