The National Executive sent this Tuesday to Congress the new project on money laundering, under the name of “Argentine Savings Externalization Act”, in a year in which his treatment will be conditioned by the electoral calendar.
The initiative suffered some changes with respect to the texts that had circulated months ago, among which it stands out that the figure of the “collaborator” was eliminated, and those convicted of crimes against humanity were prohibited from entering.
It is worth remembering that bleaching was one of the conditions imposed the financial information exchange program that is beingHe is carrying on with the United States.
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About, Alberto Mastandrea, Tax & Legal Partner at BDO Argentina explained to PROFILE: “In a context where the effective exchange of information between the US and Argentina is near, laundering, without a doubt, constitutes an opportunity.”
As indicated by the tax specialist “In general terms, it is a regime that provides for very low rates in relation to the cost that must be faced in the event of a debt claim by the Treasury and very generous in terms of the window that opens to regularize”.
However, he also opined that “pFor a laundering to be successful, it requiresfirst of all, that it be discussed in a context in which there is trust and credibility in the government that promotes it; And on the other hand, that there is a government plan with a tax policy in execution that aims to reduce or eliminate taxes that are highly distortionary or with excessively high ratessuch as the personal property tax”, he advocated.
Two modifications of the new money laundering project
Among the changes that the new project incorporates are:
- The figure of the “collaborator” that granted benefits to those who helped in the detection of tax noncompliance was eliminated.
- people convicted of crimes against humanity were prohibited from entering this version of money laundering.
Who will be able to enter the new laundering
According to the regulation sent to Parliament, individuals, undivided estates and companies with assets and financial assets not declared before the Treasury may enter with an ascending rate as the terms run.
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What assets may enter laundering
a) Possession of national and/or foreign currency in the country.
b) Possession of foreign currency abroad.
c) Financial assets of the country or abroad, understanding as such: shares, representative securities and certificates of deposit of shares and other securities, quotas and social participations -including quotas of common investment funds and certificates of participation of financial trusts and any other right over trusts and similar contracts-, crypto assets, cryptocurrencies, digital currencies or similar instruments, titles, bonds and other securities and all kinds of rights both from the country and abroad, capable of economic value.
d) Real estate in the country and/or abroad. e) Furniture in the country and/or abroad.
f) Other assets in the country and/or abroad, including credits.
What are the aliquots that will be paid to “launder” capital
The rates to be paid are:
- 5% from the effective date and up to 120 calendar days;
- 10% for assets declared from the expiration of the previous term and until the 120-day term has elapsed; and
- 20%, for the assets declared from the expiration of the second term and until the term of 120 calendar days has elapsed.
- Then, the assets detected abroad and not declared will pay a rate of 7.5% in the first 120 days after the law is enacted,
- 12.5% from the expiration of the previous term and up to 120 days,
- and from that date for another 120 corridos it will be 22.5%.
- At the same time, there will be a special rate of 1.5% for Human persons who launder possession of national or foreign currency and the amount does not exceed 35% of the average annual income of the last three years o a cap of up to US$50,000.
In the event that the person does not have income declared before the tax agency, in the last three years, the amount that is externalized may not exceed the equivalent of US$ 50,000.
It is worth adding that the money in cash in the country to be laundered, both in national or foreign currency, must be deposited in a special account “Cuenta Ahorro Argentino” opened in a bank.
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