The sanction of this initiative is considered key for the Government since next year there will be a new technical review of the International Financial Action Task Force (GAFI) and Argentina must update its legislation to the new standards issued by the entity.
The reform project is the result of the work tables carried out in which officials from the Federal Administration of Public Revenues (AFIP), of the BCRAthe NVCthe National Institute of Associativism and Social Economy (Inas); the ministries of Economy; of Justiceand of External relationships; the National Coordination to Combat Money Laundering and Terrorist Financingthe Public Prosecutor’s Office and the Power of attorney.
One of the most important reforms contemplated by the initiative is the one that converts the FIU into a decentralized body of the National Public Administrationin jurisdiction of Ministry of Economywith its own legal status, which will function with autonomy and functional, administrative, economic and financial autarky.
Another important point is that the amount of operations that the FIU must be informed, since it incorporates virtual asset service providers, natural or legal persons who carry out custody and administration of cash or liquid securities on behalf of a third party, lawyers and corporate service providers and trustees.
It is in this framework that the cryptocurrencieswho have a strong presence in Argentina, and are used in many cases to evade controls Y jump the exchange rate trap on the dollar.
Cryptocurrency transfers in Argentina reached US$93 billion between July 2021 and June 2022a record that places the country as the second with the most activity behind Brazil in the region, driven by the strong adoption of stablecoins as a safe haven of value and use in daily payment operations.
According to the index of Cryptocurrency Adoption 2022presented by chainalysis, a company specialized in blockchain analysis, Argentina ranks 13th in the world ranking of crypto use. Within Latin Americaprecedes Brazil (7th) and surpasses Colombia (15°) and Ecuador (18°). In the overall table, Vietnam is the leader along with other Asian countries such as Philippines and Indiawhile USA participates in the 5th position.
Although there are no official figures, since there is no single user registry and the same person can open accounts on multiple platforms, various surveys and surveys of use indicate that at least 1 in 10 Argentine adults buy or bought cryptocurrencies at some timeso it is estimated that close to 2.5 million people who operate cryptocurrencies in Argentina.
In the foundations of the project to increase controls on cryptocurrencies, it is stated that “the plexus of subjects are added to the virtual service providers in line with the risks represented by the use of virtual assets, in accordance with the current international standard and general glossary of the FATF“.
“In effect, virtual assets represent a expanding business all over the world and have collected enormous economic relevance in recent times, leading risks for the system for the prevention and fight against money laundering, the financing of terrorism and the proliferation of weapons”, said the Executive in the project sent to Congress.
The initiative introduces modifications in the current legislation, increasing the sanctions for crimes of money launderingfinancing of terrorism and the proliferation of massive destruction weapons.
Source: Ambito
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