Argentina?s New Anti-Money Laundering Law

Over the last ten years, the Argentinean government has been trying to combat some crimes by focusing on the financial aspects of them. These efforts were bolstered significantly in 2000, when Congress made money laundering itself a crime. The law may be divided into three parts. The first is the one that creates money laundering as a crime. The second part of the law creates a Financial Information Unit, which will have the power to analyze any unusual or suspicious activity. Although the crime of money laundering may be committed using asserts from any type of crime, the FIU is only authorized to examine crimes that the law specifically list. Tax fraud is not included. The third and last part of the law deals with the administrative criminal system and specifies fines to individuals and entities when they do not report to the FIU. Fines and penalties are included also to those who fail to meet the regulator requirements through carelessness and negligence.