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Self-Regularization Program Anti-Money Laundering Law

05/13/2019

Legal News / Updates

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Self-Regularization Program Anti-Money Laundering Law

The rules of the self-regularization program for the execution of vulnerable activities was published on April 16th in the Federal Official Gazette. Regarding such program the Tax Administration Office (“SAT” – Servicio de Administración Tributaria) may waive fines imposed for failure to file notices and due to existing irregularities1 related to the compliance of several obligations stated in the Federal Law for the Prevention and Identification of Transactions Involving Funds from Illegal Sources (“AMLL”), subject to previous approval and for the term between July 1, 2013 to December 31, 2018. The individual or company must submit an application through the official anti-money laundering website and be in compliance with the obligations set forth in the AMLL for the 2019 period.

Background

The Federal Revenue Law for the tax year of 20192, establishes that those obliged to file notices pursuant to the AMLL may be subject of a self-regularization program according to the following:

  • The SAT may waive the fines imposed in terms of the AMLL between July 1, 2013 and December 31, 2018.
  • The obliged individuals must be up to date with their obligations for the 2019 period.

Requirements

  • Submit an application through the official anti-money laundering website.
  • Be registered in the obliged individual registry.
  • All data stated by the obliged individual in the registry for vulnerable activities should be updated in terms of the General Provision Rules referred by the AMLL.
  • Be in compliance with the 2019 period obligations to the day such application is submitted.
  • None of the crimes stated in the AMLL should have been committed.

Other important considerations

  • The SAT may, at all times, supervise the state of fulfillment and compliance of the self- regularization program.
  • The SAT may sanction those who have not corrected the irregularities or breaches subject to the program.

Inadmissibility

  • If the fines to be waived derive from acts or omissions that imply the existence of aggravating factors in the commission of breaches according to the AMLL.
  • If the fines to be waived derive from irregularities that constitute a crime established in the AMLL.
  • If the obliged individual submitted a remedy against the fines that where imposed (unless there is a ratified withdrawal thereof and such has been agreed by the competent authority).
  • If at the date of the request for waiver, the obliged individual has performed the payment of the fine to be waived.
  • If the obliged individual has incurred in a breach of the abovementioned requirements.
  • If the self-regularization program has not been complied with in time or in whole, or if the authorization of the program has been left without legal effects.

Should you have any comments or doubts in relation to the above, as well as the scope thereof, please do not hesitate to contact us.

Ver Flash Informativo en español: Programa de auto regularización ley antilavado

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