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Argentina Passes Anti-Money Laundering Bill

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TEHRAN, May 11 (ICANA) – In 2010, The Financial Action Task Force (FATF) released a critical report on Argentina's regime against money laundering and terrorism financing controls.
Wednesday, May 11, 2011 11:11:46 PM
Argentina Passes Anti-Money Laundering Bill

Later the government asked the lawmakers to endorse the anti-money laundering legislation by June. The Senate Commission of Justice and Crime Affairs met this week to review the law.

In its report, the FATF has expressed serious concerns about Argentina's failure to set up an efficient regime to fight money laundering and terrorism finance. Director of Financial Crime Agency Jose Sbatella had this to say.

Economist Alejandro Gomez Escudero agrees that the biggest problem for Argentina is drug trade and drug transit to Europe.

Justice Minister Julio Alak says the new legislation will put Argentina at the forefront of the fight against drug trafficking and money laundering.

Argentina's financial crimes agency has issued no fewer than 22 new regulations aimed at improving the reporting and documentation requirements for real estate and financial transactions in response to the Financial Action Task Force's observations.

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