The Government seeks to advance in applying more “intelligent” financial regulation

The Government seeks to advance in applying more “intelligent” financial regulation

October 30, 2024 – 15:17

Officials from the main regulatory bodies in the financial sector indicated that they work with the private sector to make regulation as transparent as possible. They highlighted the achievements obtained before the FATF.

One of the objectives set by the officials of the Government of Javier Milei In regulatory matters it is transparency. This is what he stated Pedro Juan Inchauspedirector of Central Bank (BCRA) by ensuring: “We seek that our standards have transparency values“It is the great asset that we are finishing consolidating.” Likewise, he made it clear that they work together with the private sector in the development of regulations and, in that sense, he said that “the agenda is increasingly complete and shared.”

The official anticipated that the BCRA will work on “strategic axes related to fraud and the goal is to have fair and intelligent regulation”but warned that we come from “a regulatory stock inherited from a paternalistic government.” “We have to free the field,” he emphasized.

Inchauspe spoke in a panel shared with Roberto Silva, president of the National Securities Commission (CNV)who agreed with the view and said that it was a great advance in that sense “to revive the liaison tables and meet their owners to jointly address the problems” and highlighted that they work with “a lot of coordination and joint approach” between the organizations and also with the private ones.

In this sense, the representative of the Financial Information Unit (UIF), Alberto Rabinsteinhighlighted the changes that were made in regulatory matters regarding cryptocurrencies and highlighted that, in March, PSAVs were included in the list of obligated subjects. “Everyone witnessed the issuance of our standards” that were launched in line with the recommendations of the Financial Action Task Force (FATF).

The three officials spoke within the framework of a panel on regulation that was held at the Fintech Forum that performs the Argentine Chamber of Fintech at the Usina del Arte in the city of Buenos Aires on October 30 and 31. There, Rabinstein highlighted the “formation of public and private working groups.”

Likewise, he highlighted that “when the FATF evaluators came we were able to present positive results to them and we were able to obtain a satisfactory rating for the country.” “Access to credit would have been harmed, entering the gray list impacts 5% of its gross domestic product“said Rabinstein.

Source: Ambito

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