Argentine Government sends to the Congress a bill on money laundering

The Argentine Government sent yesterday, Wednesday, to Congress a bill on money laundering aimed at individuals, undivided estates, and companies with assets not declared to the Argentine Treasury.

The bill called “Voluntary Declaration of the Argentine Savings not Externalized” establishes that the holding of local currency or foreign currency within the country or abroad, as well as real estate and financial assets, may be declared within a term that will be extended from its entry into force and up to 360 days.

“The initiative drafted by the Treasury Palace arises after the agreement signed last December between Argentina and the United States, which establishes a tax information exchange system that will allow both countries to have access to crossed information on operations carried out by their citizens in the respective financial systems, with the explicit purpose of combating tax evasion”, as reported by the state news agency “Télam”.

After its eventual approval by the Argentine Legislative Power, the initiative will enter into force 15 days after its publication in the Official Gazette, added the official agency.

On the other hand, the taxes to be paid at the time of the declaration and repatriation of the assets will be 5 percent from the law’s entry into force and for a term of 120 days.

After that date, it will be 10 percent for another 120 days and 20 percent for those who declare in the last term.

Also, the bill contemplates a special tax rate of 1.5 percent applicable to individuals who externalize local or foreign currency holdings.

The amount does not exceed 35 percent of the average annual income of the last three fiscal periods, with a limit of up to 50,000 dollars.

The bill establishes that no president or vice-president, ministers, governors, mayors, heads of government, legislators, and judges of the Judiciary who have assumed their functions as of January 1, 2010, will be eligible for money laundering.

“Also excluded will be the trustees of service entities, the Audit Office, ambassadors, consuls, personnel of the Armed Forces or security forces, as well as rectors of national universities, among others”, said the source.

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