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Wednesday, March 29, 2023

they expect frightening effect and await details of the bleaching

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Sources from the banking sector, who on Monday afternoon participated in a meeting on the subject with the Ministry of Finance, told this newspaper that it was an “informative meeting”, but that “data is still missing”. The biggest question is what the scope of the data will be, and from how many years ago, since Massa had said that it would be from 2021 onwards, but now the AFIP is looking for it to start in 2018.

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“We believe that the Government wants to scare, and it is succeeding, because there is concern about the scope, many questions and how far it will go back,” said one of the participants in the meeting. For this reason, he added that many of the clients ask about the fine print of laundering. “Whoever has doubts will surely choose to whitewash”, added.

Anyway, for now there is no externalization bill. There are three options for laundering money: to build, buy properties, or to import inputs. Massa assured that there will be a three-stage laundering bill, so that it is in force before September 30, 2023, when all the information on the agreement will be available. However, in the market they add other questions: “Does Congress come to deal with it before December 31? And when you arrive at the venue, will the opposition accompany you?

Sources from the business sector were amazed at the images from the Chamber of Deputies last week. In addition, although there is a bill by Senator Oscar Parrilli that includes a money laundering section and already has half the approval of the Senate, sources from Deputies assure that it could not be approved in the Lower House, because it does not have the support of the opposition. From an important tax study they added: “The opposition is not going to want to ensure exceptional resources to the State in an election year.”

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As far as he could find out Ambitfor now it is not clear what the money laundering bill will look like. In what if AFIP is working during these hours, together with Economy, the US Embassy and the Treasuryis in the regulation of the agreement. For that, they detailed, they have to make a modification in resolution 4056/2017. Article 4 of that resolution establishes that the obligated financial institutions must provide information on the name and surname of the person or their business name, either of the holders, or of the controlling person of the entity that owns the account.

In addition, this same resolution, which will have some changes, refers to shares in trusts or trusts. The big question for the business sector is whether the word “final beneficiaries” will appear. In the current resolution, there is talk of “controlling persons”, by ensuring that they are the “beneficial owners”, which in the case of a company, implies that a human person is the one who ends up exercising control of said entity. The question is whether the holder is effectively the final beneficiary, or a proxy.

Meanwhile, in December Congress has another task related to finances. The Executive Branch is also interested in moving forward with a new bill on money laundering. It is that next year, a mission of the International Financial Action Task Force will come to Argentina. In addition to having to adjust from a technical point of view, the FATF also measures effectiveness, a weak point for the country.

Source: Ambito

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