The Senate today passed into law the draft anti-money laundering from illegal, criminalizing it self, and that Argentina will not be punished by the Financial Action Task Force (FATF).

The Senate decided in a unanimous vote of the 62 legislators present, although there were four votes against the particular account and began to discuss a proposed "law corrective" for changes to some articles of the new legislation.

The discussion of changes to current legislation on combating money laundering was accelerated after the threat of the FATF, as admitted by the Minister of Justice, Julio Alak, two weeks ago when she went to the Senate. "This bill will help our country has no problems at the next meeting of the FATF," admitted the official.

Among other changes, the project strengthens the role of the Financial Intelligence Unit (FIU), to ensure a fixed budget contribution (equivalent to 0.6% of the budget of the Ministry of Justice) and extend its authority to request information from national public and the subjects required by law to supply data. In addition, the offense of money laundering, which is now subsumed in the Penal Code under the guise of crime cover-up. Also included is the ability to prosecute and punish the so-called "backwash of money."

Key project

Official trouble. The executive branch needs to adapt national legislation to suppress money laundering to avoid sanctions by the FATF. Try to bring a new law passed by Congress to the meeting of that body, scheduled for June 20 in Mexico.

Changes. The main change introduced by the rule to be discussed in the Senate is the criminalization of money laundering as a separate crime, at present, is subordinate to the cover-up.

More research. The standard to be discussed tomorrow in the Senate also expands the powers of the Financial Intelligence Unit (FIU), which shall have power to require information to public and private agencies related to their research.

Questions. The opposition questioned the extension of powers to a body under the Executive. The initiative was also some technical criticisms from representatives of the automotive and insurance houses, and professionals such as accountants, who are among the subjects required to report suspicious transactions and report money laundering.