The Argentine government has strengthened its control over the expenditure and income of currency in foreign trade through the creation of the Tracking and Tracing of Foreign Trade Transactions Unit, responsible for monitoring “prices and quantities of exported and imported goods and services, as well as foreign currency income/expenditures.”
Cabinet chief Jorge Capitanich, under whose authority the new unit will operate, said that it seeks to “prevent tax evasion maneuvers” after the government identified 9,600 cases of “alleged violations of the Criminal Foreign Exchange Regime.”
According to the official bulletin, the unit will “monitor foreign trade transactions, for its tracking and tracing” and “ensure compliance with formal and substantial requirements” in foreign trade reports.
The government stressed the importance of “establishing a tracking and tracing system for foreign trade transactions in order to ensure macroeconomic stability.” The chief of ministers pointed out the importance of monitoring the transactions “in order to avoid violations of the law.”
The new agency will be presided by Capitanich himself or an official he appoints and will be comprised by representatives of the Economy Minister, the AFIP tax bureau, the Central Bank, the Financial Information Unit, the Procelac economic crimes bureau, and the CNV securities regulator.