September 3, 2014
AFIP's new controls on dollar purchases start
Controls on the purchase of US dollars will start today, when the AFIP tax agency will be in charge of authorizing all such operations after the Foreign-Exchange Consultation Programme was established by the AFIP and announced late Friday night by Economy Minister Amado Boudou.All sales of foreign currency through ATMs, Internet banking and phone banking will be suspended until further notice, the Argentine Banks Association (ABA) said, noting they will not be able to apply the new regulations in time.
Banks and exchange houses will have to clear all transactions with the AFIP, according to the measure that will be published today in the Official Gazette, Economy Minister Amado Boudou said on Friday.
All banks and foreign-exchange houses will have to check and register every operation with an online system, regardless of whether the person who seeks the foreign currency is an individual or a corporation.
This new measure will be implemented following a week in which controls intensified over the purchase of foreign currency, and inspectors from the AFIP, the Central Bank, the CNV securities regulator and the Financial Information Unit (UIF) descended on banks and foreign-exchange houses in downtown Buenos Aires to boost controls at a time when capital flight is soaring.
Last week, Argentina ordered energy and mining companies to cash all their export revenue on the local-foreign exchange market and said that insurance companies with investments totaling US$1.6 billion held outside the country had 50 days to bring them back.
The Central Bank also announced that Argentines who make investments of over US$250,000 per year in other countries must explain where the money came from.