According to the decree published in the latest Official Gazette, the FIU will have other changes such as the elimination of the Advisory Council to “simplify its structure.”
After the Executive Branch decreed through the Official Gazette the modification of the law that regulates the Financial Information Unit (UIF)the Customs Brokers were excluded from the list of Obligated Subjects before this entity.
As the text explains, they took this measure considering that it was already included among the Obligated Subjects of other organizations such as the Public Registries, the Federal Administration of Public Revenues (AFIP) and the National Securities Commission (CNV). “There are other proportional resources aimed at ensuring that the risks generated by such activities are effectively mitigated“said the Customs Clearance Center (CDA).
In any case, the Unit will still maintain the authority to request reports, documents, background information and any other element that it deems useful for the fulfillment of its functions.
“Taking into account the relevance of the Decree, our legal advisors are carrying out a detailed analysis of the norm, as well as its implications for our profession. Likewise, if necessary, the necessary consultations will be made to the authorities of the UIF in order to provide clarity and tranquility to all associates of the Institution,” they said from the Customs Clearance Center (CDA).
Furthermore, with the objective of increasing the autonomy and operational independence of the organization and the Government decided eliminating the Advisory Council that comprised it and “simplifying its structure.”
The decree indicates that within the framework of the fight against money laundering, it introduces legal changes “to strengthen the independence and operational effectiveness of the FIUeliminating the Advisory Council and redefining the composition of the organization.”
The text also highlights the importance of ensuring that private sector actors report suspicious activities, in line with international recommendations. A simplification is introduced in the structure of the FIU, limiting the intervention of external organizations and enhancing the speed, transparency and efficiency of the organization. In addition, it seeks to reduce public spending, “eliminating unnecessary charges“.
According to the standard, the proposed changes seek to align the FIU with the recommendations of the Financial Action Task Force (FATF), which promotes independence and effectiveness of financial intelligence units.
Source: Ambito
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