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Prevention of
Money Laundering

Under Act 25246, as amended, Financial Entities are “legally bound persons to inform”. Among their obligations, Financial Entities must request their customers to provide all the information required by the Financial Reporting Unit and the Central Bank of Argentina.

What is Money Laundering and who can do it?

Whoever converts, transfers, manages, sells, encumbers, conceals or in any other way puts in circulation in the market, goods arising from a crime, with the possible consequence that the source of the original goods or the substitutes appear to come from a unlawful source, provided that their value is over the amount of pesos three hundred thousand (AR$ 300,000), whether through only one act or the repetition of various interrelated acts, (in compliance with the Criminal Code of  Argentina, Chapter XIII “Crimes against the Economic and Financial order”, section 303).

What is Financing of Terrorism?

The Criminal Code of Argentina (CHAPTER XIII: Crimes against the Economic and Financial Order (Art. 306) represses any individual who, directly or indirectly, collected or possessed goods or money, with the intention that they should be used, or in the knowledge that they are to be used, in full or in part:

  1. To finance the commission of a crime intended to cause terror against civilians or to compel national public authorities or foreign governments or agents of an international organization to commit an act or refrain from committing an act, the minimum and maximum sentence shall double.
  2. By an organization which commits or intends to commit a crime intended to cause terror against civilians or to compel national public authorities or foreign governments or agents of an international organization to commit an act or refrain from committing an act, the minimum and maximum sentence shall double.
  3. By an individual who commits, intends to commit or takes part, in any form, in the commission of a crime intended to cause terror among civilians or to compel national public authorities or foreign governments or agents of an international organization to commit or to abstain from committing an act, the minimum and maximum sentence shall double.

What and who is a Politically Exposed Person (Pep)?

Under resolution 11/11, as amended, the Financial Reporting Unit defines a Politically Exposed Person as follows:

  1. Foreign government officials
  2. National, provincial or municipal government officials from the Autonomous City of Buenos Aires
  3. Authorities and representatives of political parties at the national and provincial levels from the Autonomous City of Buenos Aires
  4. Authorities and legal representatives of trade unions and business organizations (chambers, associations  and any other type of corporate  organizations except for those who exclusively manage contributions of interest of their members , associates, associate members, supporting members and/ or  those resulting from  the agreements destined to fulfill their statutory objectives)
  5. Authorities and legal representatives of unionized health care organizations under Law Nº 23.660.
  6. Spouses or legally-acknowledged co-habitants and relatives in the ascendant or descendant line up to first- degree relatives.
  7. Any person who holds office or held office in the two-year term preceding the date the operation was made.

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