AFIP received data from about 145,000 Argentine accounts in the US: money laundering checks and exchange details

The AFIP received information during September from some 145 thousand accounting records on behalf of Argentine tax residents, mostly human beings, v The banking system of the United Stateswith a deadline of December 2023. With this information, the government will widen the search for taxpayers who can enter the bleach capital cities.

The exchange of information is carried out within the framework of the Act on Compliance with Tax Regulations for Foreign Accounts (FATCAwhich is an acronym in English), an international agreement aimed at combating tax evasion by detecting undeclared assets abroad, which was activated Sergio Massa when he was in charge of the Ministry of Economy.

The receipt of this data coincides with the first phase of the Regime r Regularization of assetscommonly known as money laundering. This phase was recently extended to October 31, allowing taxpayers to legalize undeclared assets at home and abroad without facing significant penalties. The information gained is essential to support anti-money laundering compliance, as tax authorities will be able to cross-check data with local declarations to detect possible irregularities.

Data on 145,000 account records accessed Infobae It now needs to be cleaned up by the tax office to remove duplicates and multiple owners.

The AFIP confirmed that the received data contains key information about bank account holders in USAamounts of interest and dividends received, as well as other US-source income earned by residents Argentinians until December 31 of last year. However, the information does not include data on final beneficiaries or account movements, which partly limits the scope of immediate action.

In addition to working with USA, Argentina maintains tax treaties with another 146 countries, including several traditional destinations for undeclared capital, such as Uruguay, Swiss and Cayman Islands. These agreements, signed within the framework of the Organization for Economic Co-operation and Development (OECD), have given the country access to valuable data on the financial situation of its residents abroad. In this context AFIP continues to advance its inspection strategies to identify and legalize hidden assets outside the country.

He FATCAunlike other multilateral agreements, it is limited to reporting information on bank account holders and income earned on US territory. It does not include details of legal entities that operate within structures such as trust or companies in extraterritorial jurisdictions that could retain certain types of financial assets that Argentinians keep abroad. Despite this limitation, the authorities hope that the deal will significantly increase the level of capital regularization in the country.

CEO of SDC Asesores Tributarios, Sebastian Dominguezit details that “The United States sends certain deposit account information if the account holder is a human resident of Argentina and more than $10 has been paid into that account at any time during the year.”

On the other hand, when it comes to financial account information, when dividends are collected from United States sources or other income from United States sources is paid or credited to the account, Domínguez continued.

“The information sent by the United States is from January 1, 2023. This is because the IGA 1 model agreement was not retroactive to previous years. In the case of other countries, the United States signed the exchange of information in return,” analyzed the tax expert.

Given the impact bleachdollar deposits continued to rise and until last Thursday were virtually at the latest data available from the central bank 30,000 million USD and are on track to surpass the nominal record of $32,500 million that the monetary authority registered in August 2019. The increase is $11,326 million since August 15, compiled by Economist Hamilcar Collante.