The Government eliminated the FIU Advisory Council to strengthen its operational independence and autonomy, and ensures that “it will save on unnecessary expenses”, in addition to complying with the FATF recommendations.
The Government modified law 25,246, which regulates the Financial Information Unit (UIF). It did so through Decree 891/2024 published in the Official Gazette this Thursday. In essence, the main objective is to increase autonomy and operational independence of the organization and therefore decided to eliminate the Advisory Council that comprised it and “simplify its structure.”
The official text indicates that within the framework of the fight against money laundering, it introduces legal changes “to strengthen the independence and operational effectiveness of the FIU, eliminating the Advisory Council and redefining the composition of the organization.”
It also refers to the recommendations of the Financial Action Task Force (FATF), an international body that sets global standards in the prevention of financial crimes. “The objective of the regulatory change is to improve compliance with the FATF recommendations and increase the autonomy of the FIU,” he says.
The decree 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“.
What are the main changes it introduces?
- Eliminate the Advisory Council: The collegiate body that was made up of representatives of various state organizations and that had the function of advising the FIU is eliminated.
- Structure simplification: The FIU is made up of only a President and a Vice President, thus reducing bureaucracy and streamlining decision-making.
- Greater autonomy: by eliminating the Advisory Council, the FIU is intended to have greater freedom to make decisions without external influences, thus complying with the international standards established by the FATF.
- Budget savings: The elimination of the positions of the Advisory Council generates economic savings for the State.
Finally, remember that the proposed changes seek to align the FIU with the recommendations of the FATF, which promotes the independence and effectiveness of financial intelligence units.
Source: Ambito
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