FATF will not sanction Argentina over money laundering

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 been discussing the issue for the last three days, the FATF announced the measure.

On Thursday, 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 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.