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FATF Highlights Argentina's Progress and Challenges in Combatting Financial Crimes
By Estudio Chaloupka
From October 25 to 27, 2024, delegates from the Financial Action Task Force (FATF) Global Network of over 200 jurisdictions and observers from international organisations participated in three days of discussions on key money laundering, terrorism financing and proliferation financing issues.
The FATF achieved a significant milestone in adopting the last two assessment reports in the FATF’s fourth cycle of assessments, the joint FATF-GAFILAT assessment of the Argentine Republic (Argentina) and the joint FATF/MENAFATF assessment of the Sultanate of Oman (Oman).
The FATF discussed and adopted the joint FATF-GAFILAT mutual evaluation report of Argentina which assessed the effectiveness of the country’s measures to combat money laundering, terrorist financing and proliferation financing, and their compliance with the FATF Recommendations.
The Plenary concluded that Argentina has improved its AML/CFT/CPF framework since its last mutual evaluation in 2010 and demonstrates strengths in domestic cooperation and coordination between agencies.
However, Argentina needs to improve effectiveness across its AML/CFT/CPF system, particularly on targeted financial sanctions related to proliferation financing. Argentina also needs to better understand the money laundering and terrorist financing risks it faces, in particular laundering from corruption and through informal financial services, and to increase the prosecutions of these crimes in line with its risk profile. Argentina should also strengthen the supervision and regulation for some sectors.
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.
In the context of the FATF, CPF stands for Countering Proliferation Financing.It refers to the measures taken to prevent the financing of activities related to the proliferation of weapons of mass destruction.
Estudio Chaloupka
Estudio Chaloupka Industrial Property is a professional firm specialized in Intellectual Property, existing as of more than 50 years (under different names), with a staff of professionals with a high level of technical and legal expertise in trademarks, patents, models and industrial designs, copyright, software, licensing, domain names and litigation.
The firm provides its clients - pertaining to the fields of pharmaceuticals, chemicals including agrochemicals, banking, luxury goods, equipment and supplies for the oil industry, footwear, garments, food and drinks, hotels- with a complete range of intellectual property services not only in Argentina but also throughout the world.
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