Tuesday  May 31, 2011

http://www.buenosairesherald.com/article/68756/money-laundering-draft-bill-cleared-for-debate-in-senate

The Upper House Justice and Legal Issues Committee cleared for debate a draft bill that seeks to amend the Penal Code so that money laundering activities are considered themselves a crime and not just a cover up of another criminal act. The draft bill is to be debated and approved tomorrow, as there is an agreement between the ruling Victory Front senators and members of the opposition to pass the bill, which already was preliminary approved by the Lower House.

The Senators also ruled over a corrective law, which incorporates changes to the text of the original draft that was approved in the Lower house and that will also be debated on Wednesday.

The Upper House’s swiftness in debating the bill is due to a threat made by the Financial Action Task Force (FATF) , which will sanction Argentina if it doesn’t change its laws to fit the organization’s requirements. The Victory Front and the opposition have agreed to approve the draft bill before the FATF assembly in June.