Mutual Evaluation of Argentina
The mutual evaluation report summarises the anti-money laundering (AML)/combating the financing of terrorism (CFT) measures in place in Argentina as of the time of the on-site visit (16—27 November 2009), and shortly thereafter. The report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Argentina’s levels of compliance with the Financial Action Task Force (FATF) 40+9 Recommendations.
This is the FATF’s third mutual evaluation of Argentina (and second joint FATF/GAFISUD evaluation of Argentina). Since the last evaluation, finalised in June 2004, Argentina has not made adequate progress in addressing a number of deficiencies identified at that time, and the legal and preventive AML/CFT measures that are in place lack effectiveness. This is complicated by a lack of adequate coordination, overlapping jurisdictions of a number of domestic agencies, and varied and inconsistent requirements vertically through the levels of applicable regulatory texts for each financial sector and horizontally across the various financial sectors.
Key recommendations made to Argentina include: address the technical shortcomings in the ML and FT offences and more proactively target ML and proceeds of crime investigations; enhance the framework for freezing FT-related assets; enhance the FIU’s authority to process cases regarding all predicate offences and all money laundering activities; update financial sector laws to specifically provide for AML/CFT supervision and sanction and enhance the ability to cooperate internationally; more effectively supervise financial institutions; harmonise and update CDD requirements for financial institutions; extend AML/CFT requirements to financial institutions and DNFBPs that are not covered and create an effective monitoring framework for the latter; provide adequate resources for the all relevant AML/CFT agencies, and provide more authority to Argentina’s National Coordination Representation office to more effectively coordinate AML/CFT policies.This mutual evaluation was conducted using the FATF Recommendations as published in October 2004, and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.