Mutual Evaluation of Argentina : 11th Follow-Up Report

Mutual Evaluation of Argentina - 11th FUR

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Argentina has made significant progress in addressing the deficiencies in its anti-money laundering/countering the financing of terrorism (AML/CFT) measures as identified in the mutual evaluation report of October 2010.  The assessment team conducting the mutual evaluation, rated Argentina non-compliant (NC) or partially compliant (PC) on all of the Core and Key Recommendations.  As a result of this lack of compliance with the Core and Key Recommendations, the FATF Plenary placed Argentina in an enhanced follow-up process. The follow-up process is a desk-based review that monitors that a country takes the necessary steps to strengthen its AML/CFT framework.

Since the adoption of the mutual evaluation report in 2010, Argentina has taken a number of important steps to strengthen its legal and regulatory framework.  In particular, Argentina has:

  • reformed and strengthened the money laundering offence, enhanced the scope of reporting parties covered and transferred the AML/CFT supervision to the financial intelligence unit (FIU).
  • Enhanced the terrorist financing offence, in particular by criminalising the financing of terrorist acts, terrorists, and terrorist organisations.
  • Through the FIU, issued a series of resolutions concerning customer due diligence (CDD) and record-keeping requirements as well as other AML/CFT measures to be taken by reporting parties.
  • Created a framework to comply with United Nations Security Council Resolutions 1267 and 1373

As a result of this progress, the FATF Plenary decided that Argentina had taken sufficient steps in addressing technical compliance with the core and key Recommendations to be removed from the follow-up process.

Since June 2011, Argentina was also submitted to the FATF  International Co-operation Review Group process, and identified as a country with strategic AML/CFT deficiencies.  The FATF has determined that since 2011, Argentina has substantially addressed, on a technical level, the action plan agreed to with the FATF.  The procedures for exit from the ICRG process, require the FATF to conduct an on-site visit to confirm that the process of implementing the required reforms and actions is underway to address deficiencies previously identified by the FATF.  A successful outcome of that visit would result in Argentina no longer being identified as a country with strategic AML/CFT weaknesses.

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