New reporting parties to the Financial Analysis Unit

May 18, 2023

Amendments are incorporated to Law No. 19,913, which creates the Financial Analysis Unit (UAF) and establishes the crime of money laundering.

On May 9, 2023, the so-called “Ley Antinarco” was enacted, an initiative that aims to:

  • Improve the prosecution of drug trafficking and organized crime.
  • Regulate the destination of the assets seized in these crimes.
  • Strengthen rehabilitation and social reinsertion institutions.

While the amendments are aimed at improving the measures required to dismantle criminal organizations linked mainly to drug trafficking, the law incorporates amendments to Law No. 19,913, which created the Financial Analysis Unit (UAF) and establishes the crime of money laundering and money laundering.

The amendments are aimed at incorporating new parties obliged to comply with the duties that the UAF has established in order to prevent and avoid the use of the financial system in the commission of money laundering and the financing of terrorism, thus adding more than 40 obliged institutions.

The new regulated entities included in the law are:

  • Automotive companies and dealers of new or used vehicles.
  • Vehicle leasing companies.
  • Persons engaged in the manufacture or sale of weapons.
  • Shooting, hunting and fishing clubs.
  • Natural and legal persons engaged in the purchase and sale of purebred equines.
  • Dealers of precious metals.
  • Dealers in jewelry and precious stones.

Although the law makes no reference to the manner in which these new entities must comply with the obligations established in Law No. 19,913, the FAU has communicated that it is working on the corresponding regulatory adjustments, either through circulars specially issued to the new regulated entities or through the application of the regulations currently in force.

Notwithstanding the above, the new obliged entities must report any act, operation or transaction considered suspicious in accordance with Law No. 19,913, as well as those transactions or operations carried out in cash or bearer negotiable instruments, to and from the country, for an amount equal to or greater than US$ 10,000 or its equivalent in other currencies.

Likewise, it is possible to anticipate that such obligations will involve:

  • Register as regulated entities with the FAU.
  • Implement a Manual for the Prevention of Money Laundering and Financing of Terrorism.
  • Designate a Compliance Officer.
  • Keep certain records.
  • Conduct training for its various employees on the duties to be fulfilled.

For more information on these topics please contact our Compliance | Tech group:

Francisca Franzani | Director Compliance Group – Tech |

Jaime Viveros | Associate |

Francisca Macchiavello | Associate |

Te podría interesar

New Power Transfer Regulations

New Power Transfer Regulations

The National Electrical Coordinator must incorporate into the operation programming the withdrawal program that is communicated to it by the owners of the storage systems On May 31, 2024, the Comptroller General of the Republic (CGR) took note of Supreme Decree No. 70...