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 theMutual Evaluation of Argentina. 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 Improving Global AML/CFT Compliance: on-going process - 24 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.