Pandora Papers: The FIU’s Plans Against Offshore Company Owners

Before the eruption of thousands of documents proving the connection of more than 2,500 Argentines with companies registered in “tax havens”, in what we call Pandora Papers, a specialized state agency has taken measures in this area and plans to take action to disentangle the current tax evasion and the laundering of assets derived from illegal activities.

The Financial reporting unit (UIF) works on the development of standards that allow to unify the criteria of “definition, interpretation and scope in the identification of final beneficiaries” with regard to the obligations they have under Argentine law.

Pandora Papers: AFIP analyzes the information of the companies cited in the survey

Among the compulsory subjects are the financial and stock exchange entities, brokers and companies, natural or legal persons acting as directors, trustees, intermediaries or fiduciary agents.

Government sources claimed that the FIU, led by lawyer Carlos Cruz, was evaluating mechanisms for “Individualize” who are the real owners of persons or legal structures who are clients of the obligated subjects, and which have been revealed by the investigation promoted by the International Consortium of Investigative Journalists (ICIJ).

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The anti-money laundering agency believes this will help analyze information about corporate networks such as companies off the coast whose final beneficiaries are currently unknown.

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So far, the FIU has Definitions of the final beneficiary for each Compulsory Subject. For these purposes, the organization takes into account the criteria proposed by the international standard derived from Recommendations 24 and 25 for persons and legal structures, respectively, of the FATF, the international table of anti-washing units.

The aforementioned regulations provide that countries must take measures to money laundering or terrorist financing. Each state should consider measures to facilitate access to beneficial owner information and control by financial institutions.