Argentina Reporting Law Poised to Clamp Down Tax Fraud (1)

New reporting requirements introduced in Argentina to tackle money laundering could also significantly impact efforts to tackle tax fraud and profit shifting, practitioners said.

Under new laws and regulations passed last month, some lawyers and cryptocurrency service providers will be subject to extensive due diligence requirements for the first time, which advisers said will boost transparency and could aid compliance efforts against other tax crimes.

Argentine authorities will also gain new powers to demand documents and data, and financial sanctions for non-compliance will increase significantly.

“The inclusion of more actors in the prevention of all stages of money laundering (placement, ...