Banking

National Congress approves new rules against money laundering

On December 22, 2011 the National Congress passed Law No. 26,734 (the “Law”), which incorporated to the Criminal Code regulations against terrorist activities.


In particular, the Law provides for an aggravation of the maximum and minimum punishments for crimes committed with the purpose of: (i) frightening the population or (ii) forcing national or foreign governments or international organizations to do or to refrain from doing certain acts.

In addition, the Law criminalizes any activity that is directly or indirectly intended to collect funds for, or otherwise finance, the terrorist acts referred to above. The Law vests theUnidad de Información Financiera (UIF) -federal agency in charge of anti-money laundering enforcement- with the authority to suspend activities related to terrorist acts, through immediate communication to the competent judge.



For further information on this topic please contact Jorge I. Mayora