Friday, January 28

Prevention of money laundering: banks may request tax returns

An AFIP resolution rehabilitated this possibility, which had been blocked since 2016 in the framework of the money laundering launched by the government of then-President Mauricio Macri. That year, as a complement to the money laundering law, the agency had issued a regulation that was intended to encourage the repatriation of capital, so that the subjects obliged before the FIU had to “refrain from asking their clients for national tax returns.” .

According to general resolution 3952, then issued by Alberto Abad’s AFIP, by removing this power from the obligated subjects, it was intended to give “Greater confidentiality and security for the taxpayer’s relationship with the treasury.” The regulations then reached all entities obliged to issue Suspicious Transaction Reports (STRs) before the FIU.

However, it is Law 25,426 itself on the prevention of money laundering that specifies that the subjects obliged to inform the FIU must keep secret, therefore, the affidavits are protected by confidentiality.

According to AFIP sources, the measure published today in the Official Gazette “It strengthens the control tools that had been dismantled during the previous government.” In this way, the capacity to deal with illicit financial flows within the framework of international standards is reinforced.

In that sense, the AFIP re-establishes an inspection tool that allows the State to articulate control mechanisms for better prevention of money laundering, an aspect that Argentina is committed to before international organizations. The fight against money laundering is also a fight against transnational organized crime and international terrorism.

With this modification, financial entities, insurance companies, firms dedicated to the transport of flows, intermediaries registered with the CNV, among others, They are empowered to ask their clients for tax returns, as it worked before 2016.

General Resolution 5125 is the result of joint work between the AFIP and the UIF. The regulations “abrogate” the resolution that prevented the subjects bound by the FIU from requesting tax returns.

The law on the prevention of money laundering 25,426 details who are the subjects obliged to report to the FIU the behaviors or activities of the people or companies through which the existence of an atypical situation that could configure a suspicious event or operation can be inferred. money laundering or terrorist financing. These are financial entities, insurance companies, intermediary firms registered with the CNV and companies dedicated to the transport of flows, among others.

In this regard, the regulations define the possibility for taxpayers and those responsible to share their affidavits and documentation with third parties at their will and for their own benefit. Thus, each taxpayer decides, within the framework of their contractual relationship, to accept the request and submit their tax returns.