Uruguay Unveils Anti-Money Laundering Plan

13

Uruguay’s new anti-money laundering plan is likely intended to help restore international confidence in the the country’s financial system, which is closely linked to one of South America’s epicenters for money laundering, Argentina.

The law, which was designed with help from the International Monetary Fund (IMF), is a two-year plan that implements several reforms aimed at making it easier to investigate and prosecute money laundering crimes.

It also strengthens oversight of non-governmental organizations (NGOs). At the press conference announcing the plan, the head of the Anti-Money Laundering Secretariat said that because they are exempt from paying taxes, NGOs often engender “an environment suitable for there to be irregularities.”

Detailed news link: click here

Press release link from BCU Uruguay (in Spanish): click here

Press release link (in English): click here