Money laundering is in a decisive phase: this is how the process is progressing a few days before the end of the first stage

With no prospects of a change in the money laundering agenda, Taxpayers, financial institutions and Clearing and Settlement Agents (Alycs) are preparing for the closing of the first stage on September 30, when the deadline for the entry of cash dollars concludes, which one could almost say is the true objective of the national Government.

To do this, The Federal Public Revenue Administration (AFIP) has already launched the Informative Declaration of Movements of the Special Accounts (CERA/CCERA – F.3319) for Financial Institutions and Alycs.

Both types of Entities must submit such sworn declarations daily through the service with the tax code “Presentation of DJ and Payments” or by exchanging information through “Webservice” and its expiration will occur on the business day following that of the information provided.

According to the AFIP on its website, This affidavit will contain the historical detail of the movements of each special account: its opening, movements between special accounts, both those that do not generate withholding enabled according to the regulations, as well as those that do generate it.

Each affidavit will provide data on all transactions since the start of the regime, provided that the accounts had any movement not previously reported to the Federal Administration.

The first deadline closes

If there is one thing that government officials recognize, it is that The money laundering scheme was set up so that people would reveal their undeclared dollars. And there is time until the end of the month for this.

Accountants and professionals have repeatedly asked the agency to postpone the deadlinesbut AFIP officials denied the claim.

In this context, according to data from the Central Bank on dollar deposits in banks, they have entered since the process was opened around US$4 billion. The consultancy Labour, Capital and Growth (LCG) states that “the final effects of the money laundering remain uncertainbut there is no doubt that the assets chosen as destinations are feeling the impact.”

“Not only does money laundering contribute to the reduction of sovereign bond yields, but it also does so in ONs, shares, or in the investments of the FCI eligible for this purpose,” it says in its latest weekly review.

LCG warns that “it remains to be seen how the risk perception of these assets stabilises once the regularisation process is completed.” “Regarding this process through special deposit accounts (CERA), the interesting thing is that, although private deposits in dollars increased by almost US$4 billion since the beginning of this process (US$500 million came in on September 17 alone), This was not reflected in an increase in the gross reserves of the BCRA,” says the consultancy.

He points out that this is because “was kept in cash in branches or treasuries, temporarily for operational reasons” Therefore, he believes that we must wait to see “if this ends up impacting reservations (gross, not net) in the coming weeks.” There are some people who launder and withdraw money quickly, even paying the tax 5%, because they speculate in assets that allow them to recover the tax cost and obtain a return.

The three stages

Closing the first stage, already Cash cannot be declared, whether in dollars or pesos. Then, you can continue declaring Offshore accounts and registrable assets such as cars or homes in position as of December 31, 2023.

In the case of the assets, a non-taxable minimum of US$100,000 applies, Therefore, whoever enters now will pay 5% for what exceeds that amount. It should be noted that for the payment of the tax is taken at the current official exchange rate and not the exchange rate at the time of purchase.

In the case Of cash, the US$100,000 become tax-exempt minimumsThat is, what is below does not pay, and what is above pays the tax in full:

• First stage: until September 30, 2024, a 5% rate is paid on the surplus of US$100,000.
• Second stage: until December 31, 2024, the rate is 10%.
• Third stage: until March 31, 2025, the rate rises to 15%.

How many CERA accounts were opened

Although there is no precise data yet, Banco Nación recently reported that it expected to open some 10,000 special accounts for this process.It can be assumed that the rest of the system as a whole would have many others open.