Anti Money Laundering Law Amended

On October 11, 2024, Decree 891/2024—issued by the Executive Branch—became effective, thus introducing changes to Law 25246 on the Prevention of Money Laundering, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction (AML/TF/TP).
 

On the one hand, the Advisory Council of the Financial Intelligence Unit (UIF), previously composed of seven members representing external entities such as the Argentine Securities Commission (CNV), the Argentine Central Bank (BCRA)—among others—is removed, and its structure is now composed only by a president and a vice-president, to improve its functioning.

On the other hand, to avoid overlapping controls and in line with the 40 Recommendations of the Financial Action Task Force (FATF), the following are removed from the list of reporting entities listed in article 20 of Law 25246:
 

1. Custody, registration, and payment agents, or those agents authorized to provide custody, transfer, registration, and/or payment of securities.
2. Centralize securities custody agents or entities registered to receive collective deposits of securities, acting in the custody of instruments or transactions under Law 20643.
3. Customs brokers.
4. Individuals, legal entities, or other structures with or without legal entity whose main activity consists of the sale of cars; vans; and land, sea, and air transport machinery, among others.

However, the UIF still has the power to request reports, documents, and information from them, as well as any other element it deems relevant for the fulfilment of its functions, in accordance with article 14 and article 1 of Law 25246.