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Argentina Proposes VASP Registry as Part of Updated AML Law

R Richard M. NOVEMBER 29, 2022 1 minute read

Argentina is preparing to update its AML and CTF law and has proposed to include a registry for virtual asset services providers (VASPs).

The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated to do on the subject next year. The discussion of a proposed revamp of the anti-money laundering and terrorism financing law in Argentina might include the creation of a unified VASP registry.

The proposal, which is being made by several institutions in the country, including the Argentine tax authority (AFIP), and also the national securities regulator (CNV), would bring the legislation up to modern standards.

This would be the first modification that legislators press on a law that has been untouched for 11 years. The institutions presented the changes to the Deputy chamber of the nation in a meeting that took place on Nov 25.

One of the objectives of this move would be to prepare the country for the review that the FATF is slated to conduct about Argentina’s controls next year. The reform would also allow the AFIP to build a database of unique beneficiaries, with the CNV being at the head of the proposed VASP registry.

The proponents of these modifications explain that these are inspired by similar changes that have been implemented by other countries already reviewed by the FATF, and are part of the steps that must be taken before embarking on preparing cryptocurrency-specific regulation in Argentina.

Sebastian Negri, head of the anti-money laundering organization in the country (UIF) expanded on the need for these modifications to be approved and implemented.

He stated: “We have to be able to create a registry that meets international standards for the prevention of money laundering and terrorist financing.”

Furthermore, Negri also stated that these modifications would be useful to protect users’ funds in these platforms from potential failures and even bankruptcy, taking cues from the situation that FTX, one of the top three cryptocurrency exchanges, is currently facing.

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