BUENOS AIRES, in Argentina (AP) - the Argentina did so poorly to confront the money laundering and the financing of terrorism it is likely to become the first country in the G-20 on a black list of countries where financial transactions represent a high risk of criminal activity.
A multinational Advisory Group, acting on behalf of the Group of 20 industrial countries and emerging markets, said Wednesday that it would closely monitor promised reforms before to decide to Argentina on the list next year.
The Group of financial activity recommended changes nearly a thousand of Argentina, important economic cash makes it relatively easy for criminals hide their money sources. Non-compliance may lead to closer monitoring of international transactions, increasing costs of doing business in Argentina.
"Any country who fails to comply is classified in a category of risk, to alert the world financial system," says Group President Luis the Mexico Urrutia.
Argentina will present its plan of action in February and the end of next year the Working Group should have the information necessary to decide "If the Argentina should appear on the list," he said.
Urrutia said that he met with Ministers, authorities Central Bank, court officials, legislators and the laundering of money from the Argentina and distributed control agency head optimistic about the ability of the country to change its ways.
"The first step is already supported by the Argentina: commitment to meet these challenges,"said Urrutia.""It is too early to speculate on what we do. In June, we'll have a better idea and something more concrete October.
Highly critical report, 200-page task force what Argentina said October fails to comply with the vast majority of international standards for combating money laundering and the financing of terrorism.
He identified 962 shortcomings in the financial system of the Argentina with detailed fixes that require new laws, regulations and court decisions, as well as the profound changes in the operation of many government agencies.
This transformation would be difficult to just about anywhere, but particularly the case in Argentina, a country entering in a presidential election year already a consensus so little Cristina Fernandez President often rules by Decree.
One of the problems listed by Urrutia: Argentina fined almost nobody does for the offence of money laundering; the Government lacks a unified system of monitoring if banks comply with the financial regulations There is no effective way to identify persons suspected of terrorism, and freezing bank accounts, and the country has a track record for sharing information with authorities in other countries.
Said Urrutia a particularly worrying Argentina domain is its vast informal economy, which operates in cash to avoid paying taxes.
The President decreed that anti-money laundering government agency will have more power to monitor the financial system and the same issue fines Wednesday.
"We see if these actions are part of our recommendations", said Urrutia.
Online:
Report of the FATF: http://tinyurl.com/29gczzg
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