Argentina to Revamp Anti-Money Laundering Law, Proposes Plans For Creation of VASP Registry
Regulatory authorities of Argentina might include a unified Virtual Asset Service Provider (VASP) registry in its revamped anti-money laundering and terrorism financing policies. The proposal would promote legislation to modern standards.
It is already being discussed by the Argentine Tax Authority (AFIP), National Securities Regulator (CNV) and other regulatory bodies in the country. Legislators’ revamp of the static law is remarkably the first to be carried out over 11 years.
Given the new development, regulatory agencies presented the changes to the Deputy chamber of the nation in a meeting held last Friday. More importantly, this move would prepare the country for the evaluation that the FATF is slated to carry out on Argentina’s financial controls next year.
Benefits to the reform are limitless as the modified regulation would allow the AFIP to develop a unique database for beneficiaries. Besides, the National Securities Regulator (CNV) would spearhead the proposed VASP registry.
Bringing Safety to Users
According to a confidential source, the proposed revamp is inspired by similar modifications implemented by other countries already accessed by the FATF. The source further noted that these are vital measures that must be instituted before furthering preparations for crypto regulations in Argentina.
Giving further details, Sebastian Negri, head of the anti-money laundering organization in the country, highlighted the importance of approving and implementing these modifications. He added that the registry has to be created in a format that meets international standards.
Thus, it can serve as a means of preventing money laundering and terrorism financing. Negri also revealed more advantages concerning the implementation of the new development.
In his statement, he explained that it would significantly protect users’ funds on various platforms and halt possible failures, including bankruptcy. Then, he referenced the case of the insolvency encountered by FTX, the world’s third-largest crypto exchange platform.
Furthermore, Negri stated that the possession of users’ data by companies functioning as centralized Exchanges would be curbed through these measures.
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