Finally, Argentina escaped entering the gray list of the Financial Action Task Force (FATF). The confirmation came this Thursday in the Fourth Round of Mutual Evaluation of the organization on the prevention of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. The Government acted against the clock to avoid the postponement for fear of the economic impact of a bad rating and today celebrated the news.
The National Securities Commission (CNV) summarized the importance assigned by the economic team: “The positive result ensures the investment of foreign capital and the integration of the country into the global financial system”he assured in a statement in which he reviewed the actions that were taken to comply with the prerogatives of the FATF. The CNV was one of the Government agencies involved in the evaluation process and the implementation of these measures.
Robert Silvathe head of the capital market regulatory body, was part of the Argentine delegation that held meetings within the framework of the Fourth Mutual Evaluation Round with the Financial Action Task Force (FATF), held in Paris, and after which Argentina surpassed the evaluation on the fight against money laundering and terrorism.
Silva highlighted that “the dollarization of assets through the capital market has adequate supervision and does not represent a risk from the point of view of money laundering”and added that “in March the CNV had to urgently implement the registration of PSAVs (virtual asset service providers) to comply with the Law and the requirements of the FATF.”
The delegation also included the Minister of Justice, Mariano Cúneo Libarona; the Secretary of Justice, Sebastian Amerio; the head of the Financial Information Unit (UIF), Ignacio Yacobucci; Ambassador Eugenio Curia, national coordinator of the Money Laundering and Terrorism Financing Prevention Program and representative to FATF; the president of the Chamber of Cassation, Mariano Borinsky; and the director of the BCRA, Silvina Rivarola, among others.
“The support of the FATF plenary represents a better positioning of Argentina in the world markets and a recognition of the policy implemented by the national government to comply with international standards,” the CNV maintained.
FATF: how was the evaluation?
In March, the FATF carried out an on-site visit as part of the evaluation and met with authorities from the three branches of government. Director Sonia Salvatierra participated for the CNV.
“During the evaluation stage, the CNV, jointly with the Central Bank of the Argentine Republic (BCRA), participated in risk and context issues, including the dollarization process through the capital market and in issues of supervision of jointly with the Specific Control Agencies and the FIU,” the statement said.
In this process, Silva also explained the creation of the Registry of Virtual Asset Service Providers (PSAV) and regulatory standardswhich is currently undergoing public consultation, in which work was done seeking a balance between avoiding overregulation and respect for innovation, with the mandate of Law No. 27,739. In this regard, the CNV, in its role as regulator, adds PSAVs as obligated subjects before the FIU. The regulation of cryptoassets was among the points raised by the FATF.
Some of the Measures taken to comply with the evaluation were:
- The reform to Law 25,246 and the changes introduced to the Penal Code, which “strengthened the preventive regime and the repression of these crimes.”
- The regulation and incorporation as subjects obliged to report to the FIU for lawyers and virtual asset service providers.
- Regulatory updates for licensed real estate accountants, agents and brokers and for the sale and purchase of works of art, antiques and jewelry.
- The modification in the deadlines for submitting Suspicious Operation Reports (ROS), the redefinition of unusual operations and the incorporation of the ROS on proliferation of weapons of mass destruction.
- The creation of a Single Registry of Final Beneficiaries, under the orbit of the AFIP (which will be replaced by the ARCA), and the Registry of Virtual Asset Service Providers by the CNV.
The plenary session takes place at the headquarters of the Organization for Economic Cooperation and Development (OECD), in the French capital, from October 23 to 25. The FATF is made up of 39 members – Argentina has been a member since 2000. “The peer review produces a country rating that is of enormous relevance for access to international financial markets, for attracting investments and for having lower transactional costs,” the CNV message emphasized.
Source: Ambito
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