Argentina is haemorrhaging U.S dollars at such an alarming rate that it is now mandatory to inform the country’s tax agency before you leave the country on holiday WHERE, WHEN, and WHY you are going.
Argentina, who according to the 2012 Financial Action Task Force (FATF) Report is a jurisdiction with a high -level of political commitment to address its Anti-Money Laundering (AML) deficiencies and is also a OECD/G20 ‘white-listed’ country found to be in compliance with the international rules on transparency and tax information exchange, has defended this blatant invasion of privacy as necessary to fight tax evasion and money-laundering.
The scarcity of the ‘greenback’ has turned into a windfall for ‘small’ and ‘big’ business alike. Unofficial ‘money-changers’ are servicing a steady stream of customers and companies are trading in ‘blue –chip’ swaps which are US denominated bonds purchased in pesos then exchanged in the US for dollars.
If this latest measure by the re-elected Fernández government is the kind of evidence that satisfies the FATF test of ‘demonstrable political commitment to antimony-laundering’ it will further blur the line between ‘confidentiality’ and ‘secrecy’.