The Financial Information Unit (UIF) advances with the regulation of different independent professions in matters of Prevention of Money Laundering and Financing of Terrorism (PLA/FT) now it is the turn of lawyers, who from this Tuesday, will become obligated subjects before the organization that combats financial crimes in Argentina and join, thus, the notaries and accountants, who recently suffered the same fate.
This was provided through Resolution UIF 48/2024, which was published this Monday in the Official Gazette, which establishes the minimum requirements for the identification, evaluation, monitoring, administration and mitigation of the risks of money laundering, financing of terrorism and the proliferation of weapons of mass destruction for this segment of professionals.
The measure is in line with “the Recommendations issued by the Financial Action Task Force (FATF)”as indicated in the resolution and it is no coincidence that it is issued at this time when that international organization is carrying out the fourth mutual evaluation of compliance in our country.
Marcela Aizcorbe, independent external reviewer (REI) and consultant in Compliance, PLA/FT and Regulatory Compliancepoints to Ambit that, as a result of the modification of the PLA/CFT regime that occurred on March 15 through Law 27,739 “it was expected that lawyers would have their regulations shortly” and she considers that “it is positive because it is of a group of professionals that are very necessary when creating money laundering and terrorist financing structures.”. In fact, he defines them as “gate keepers“because we know very well all the regulatory dynamics behind these criminal structures.
The specialist considers that it will be a strong challenge for lawyers to develop and implement a prevention program. This involves drafting a Policies and Procedures Manual, a self-assessment, applying controls and reporting suspicious operations.” Likewise, it must undergo an Independent External Review from 2026, the same year in which it must implement the self-assessment.
The FIU foresees a period of adaptation although there could be conflicts
“That is They have two years to adapt to the news,” explains Aizcorbe. He clarifies, on the other hand, that the standard has a reservation regarding the reporting of suspicious operationstaking into account that professional secrecy must be taken care of.
However, Daniel Perrotta, international consultant and speaker on the Prevention of Money Laundering and director of Decisiopoints out to this medium that “this measure will cause problems because the lawyer’s relationship with his clients is based on confidentiality.”
And it anticipates that, although the norm delimits the circumstances in which the condition of obligated subject“the decision will surely be reviewed by Justice.”
Lawyers: cases in which the figure of obligated subject is applied
And the rule establishes that lawyers carry out a ML/TF/PF risk self-assessmentin line with the concept of Risk-based approachwhich is the regulation and application of measures to prevent or mitigate with measures proportional to the identified risks, in order to define procedures and controls to be implemented and refers to the obligation of these professionals to report to the FIU any suspicious operation that they observe. in case of:
- Purchase and/or sale of real estate, when the amount involved is greater than 700 minimum, vital and mobile salaries;
- Administration of goods and/or other assets when the amount involved is greater than 150 minimum, vital and mobile salaries;
- Administration of bank, savings and/or securities accounts when the amount involved is greater than 50 minimum, vital and mobile salaries;
- Organization of contributions or contributions for the creation, operation or administration of legal entities or other legal structures;
- Creation, operation or administration of legal persons or other legal structures and the purchase and sale of legal businesses and/or shares of legal persons or other legal structures.
Likewise, it provides that, depending on the frequency of the Specific Activities carried out, clients will be classified into:
- Regular: when they carry out more than one Specific Activity, whatever its type, within the period of one year.
- Occasional: when they carry out only one Specific Activity, whatever its type, in a period equal to or greater than one year.
“Monitoring must be done on habitual operations and the lawyer will have to keep a record of unusual operations,” clarifies Aicorbe.
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Finally, the standard establishes that “the Obligated Subject must identify, evaluate and understand the ML/TF risks to which it is exposed in relation to the Specific Activities, in order to adopt appropriate and effective management and mitigation measures.”
Said evaluation may be reviewed by the FIU and must be updated every two years., while the methodology associated with it must be reviewed every four years. “Notwithstanding this, it must be updated and sent to the FIU before the established deadlines, if a new risk is identified or a modification of an existing one occurs,” the rule clarifies.
“The FIU knows that moving forward with this regulation will will bring resistance among lawyers“However, I understand that he prioritized compliance with FATF to add elements that avoid the demerit of once again integrating into the organization’s gray list,” explains Perrota regarding the decision to move forward in this regard and anticipates that “there will be long discussions.”
Source: Ambito
