FATF: no sanctions for Argentina, progress recognized, but seriously concerned

The Financial Action Task Force (FATF) is not sanctioning Argentina for lack of compliance with international standards on the fight against money laundering. The Force has also recognized Argentina’s legislative efforts aimed at improving the criminalization of money laundering.

However, following its summit in Mexico City, it has issued an official statement expressing concern over the improvements in compliance with international standards on money laundering and financial terrorism. FATF considered that “substantial progress to improve the criminalization of terrorist financing has not yet taken place.”
The Force also said to remain "seriously concerned about the risks that such deficiencies may pose.”
The organization expects more substantial progress by Argentina by October 2011. “In particular, the FATF expects Argentina to fully address the FATF´s concerns regarding the criminalization of money laundering in accordance with international standards, present to the FATF a draft law criminalizing terrorist financing in accordance with international standards.”
It ha also recommended the country steps in the effort of meeting the Force’s expectations that include adequately criminalizing money laundering and terrorist financing; establishing and implementing adequate procedures for the confiscation of funds related to money laundering and identifying and freezing terrorist assets; enhancing financial transparency; ensuring a fully operational and effectively functioning Financial Intelligence Unit and improving suspicious transaction reporting; as well as establishing appropriate channels for international cooperation and ensuring effective implementation, among others

Michael Hearns an Anti Money Laundering specialist with over 24 years of AML experience can also be found at www.launderingmoney.com and on twitter at : http://twitter.com/#!/LaunderingMoney