FATF to revise money laundering status for Argentina

The Financial Action Task Force (FATF) announces today the results of a review of Argentina’s mechanisms to control money laundering activities in the country. The announcement will take place during the last day of the organization’s Council summit at Mexico City. No alterations of the Argentinean status are expected. Although some revision is anticipated, no sanctions are expected.

Yesterday Justice Minister Julio Alak delegation sources said that the FATF has acknowledged Argentina’s effort to fight money laundering. During its plenary session, the organization recognized that Argentina had moved forward in its prevention and fight against money laundering activities.

Alak spoke before the assembly and expressed that the new law recently passed by Congress, which includes stricter measures for those involved in money laundering activities, “effectively complies with all the organization’s recommendations.”

The Financial Action Task Force is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing. The FATF develops global standards for combating money laundering and terrorist financing.

Source: Buenos Aires Herald