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Montevideo, September 23rd 2018 - 04:42 UTC

Argentina not to be sanctioned over money laundering, says FATF

Saturday, June 25th 2011 - 07:40 UTC
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Justice Minister Julio Alak defended Argentina’s case in the FATF summit  Justice Minister Julio Alak defended Argentina’s case in the FATF summit

The Financial Action Task Force (FATF) announced it will not sanction Argentina over money laundering and “admitted the political commitment and the progress achieved by the country, specially the great advances it made in the regulations after the approval of the law to fight the money laundering, and the recommendations given in order to continue improving the system.”

During the last day of the organization’s Council summit at Mexico City, and after having discussed the issue for the last three days, the FATF announced the measure.

On Thursday, Argentina’s Justice Minister Julio Alak delegation sources said that the FATF had acknowledged Argentina’s effort to fight money laundering. During its plenary session, the organization recognized that Argentina had moved forward in its prevention and fight against money laundering activities.

Alak spoke before the assembly and expressed that the new law recently passed by the Argentine Congress, which includes stricter measures for those involved in money laundering activities, “effectively complies with all the organization’s recommendations.”

The Financial Action Task Force is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing. The FATF develops global standards for combating money laundering and terrorist financing.

In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism. The FATF has been in existence since 1989. In 2004, Ministry representatives from the 35 FATF members agreed to extend the mandate of the Task Force until 2012.
 

Categories: Politics, Argentina.

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  • GeoffWard

    The Financial Action Task Force (FATF) announced it will not sanction Argentina over money laundering and “admitted the political commitment and the progress achieved by the country, especially the great advances it made in the regulations after the approval of the law to fight the money laundering, and the recommendations given in order to continue improving the system.”

    This is, of course, a joke.
    Laundering remains the Number 1 national pastime.

    Jun 25th, 2011 - 08:54 pm 0
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