A new measure to control money laundering
Posted On 19 May 2017
The regulation that extends the obligations against this crime was defined in March and April. Artistic and raffle promoters will be obliged to report.
You may have a perfectly legal business, but you are not free to be involved in money laundering. A disregarded client can use a sales transaction with your company to gradually introduce money from illegal sources to the legal economic flow. That’s what money laundering experts explain call “placement.”
It is one of the four phases in which the process of obtaining money from illicit operations like terrorism or drug trafficking has been identified. Company workers must properly execute internal controls for the prevention of money laundering.
The main one is to inform: obligated parties must submit reports to the Financial Analysis Unit with data on clients and unusual transactions. To do this, they must keep an adequate record of the activities and also draft a manual in advance.
The sectors where contamination of resources is most likely have been identified:
The purchase and sale of vehicles, construction, financial and banking institutions, securities firms, insurance companies, trusts, credit unions, ONG´s, tourism agencies, remittance and communications companies, art dealers … and also the promoters of artistic events and raffles. A novelty that, according to experts, responds to practices at the international level (I).