A new incentive for him Whitening of cash dollars It was established this Thursday by the Government. A regulation of the Central Bank (BCRA) forces banks to accept from the public stained, written or damaged banknotes by any means. To avoid resistance, the cost to send them to the US Federal Reserve to recover their value It will not be assumed by the financial institutions but by the BCRA.
This regulation It also seeks that the “small face” dollars from previous editions be deposited in a bank. Due to an unwritten “rule” that no one knows where it came from, many banks, exchange houses or “financial dens” reject them or buy them at a lower value because they claim that they are worth less in the “market”; despite the fact that the US Federal Reserve has already said that this is not the case.
Damaged or torn banknotes must meet certain conditions to be accepted, although they are quite generous. “They must present an area greater than 50 percent of the banknote to receive the credit, the denomination and security measures must be able to be identified,” says the Central Bank’s rule. It adds that will also accept the “unfit ticket”, that which “is not in condition to continue circulating due to its physical characteristics (torn, dirty, loose, worn or disfigured),” says the BCRA regulations.
There are exceptions. “Mutilated” dollars will not be accepted. According to the BCRA regulations with those who “have been damaged to the extent that half or less of the bill remains, or its condition is such that its value is questionable. Eg: Burned or liquid-damaged banknotes that cannot be handled without compromising their integrity.”
This measure is aimed especially at small savers. In the case of money laundering, it is possible to enter the system up to 100 thousand dollars in cash without any type of penalty or fine. The time is short. You can do so until September 30th. To do so, they must remain deposited in a specific account called CERA (Special Account for Asset Regularization) until December 31, 2025 or purchase some asset that can be documented or make some investment stipulated in the money laundering law.
Who will be eligible for money laundering?
They will be able to access money laundering those individuals and legal entities that were tax residents as of December 31 of last year, whether or not they were registered with the AFIP.
On the other hand, subjects who are not tax residents, but who were tax residents before the aforementioned date, will also be able to access the system.
In the latter case, they will be considered tax residents again from January 1, 2024, both for Income Tax and Personal Property Tax.
Public officials, certain subjects linked to state agencies, bankrupt subjects and those convicted of certain crimes detailed in the regulations are excluded from money laundering.
Regarding the types of assets that are affected by money laundering, it should be mentioned that the subjects mentioned above may only regularize assets that were their property, possession or custody as of December 31.
That is to say, those assets generated after January 1 cannot be regularized through money laundering.
What assets can be included in money laundering?
The law establishes a broad spectrum of assets that can be regularized through money laundering, whether located in the country or abroad, such as: cash, balance in bank accounts, real estate, shares in companies, trusts, mutual funds, securities, credits, rights and crypto assets, among others.
As for cryptoassets, an important detail is that, at the time of regularization, they must be in custody and/or administration by a Virtual Asset Service Provider (PSAV) that is registered with the National Securities Commission (CNV).
Membership of the system will be possible from July 18, in accordance with the regulations published by AFIP.
On the other hand, The deadline for expressing such adherence is March 31, 2025. However, the executive branch has the power to extend this date until July 31 of that year.
Source: Ambito
