An effective system for the Prevention of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction cannot be separated from the macroeconomic reality of the country in which it is implemented. In this sense, the Argentine economy has historically presented high levels of informality, recurrent processes of macroeconomic instability, high inflation, exchange restrictions and distrust in the traditional financial system. This situation has had an impact on patterns of financial behaviour, savings and the use of foreign currency in cash.
In this sense, Law 27,799, published on January 2, 2026, introduces substantial modifications in the tax system and in the tax-taxpayer relationship. Among other aspects, it updates the objective conditions of punishability so that the crime of tax evasion is typified by significantly raising the economic threshold required for its configuration; creates a Simplified Income Tax Affidavit Regime, through which the Customs Collection and Control Agency (ARCA) makes available to the taxpayer a pre-filled affidavit, which can be reviewed, validated and submitted, and whose payment on time grants a liberating effect that limits and conditions eventual future audits. Likewise, in line with the Principle of Tax Innocence, the regulation redefines the link between the taxpayer and the tax administration by establishing that ARCA must presume tax compliance unless proven otherwise, limiting preventive asset controls and abandoning the historical logic of generalized persecution.
By virtue of this, it is pertinent that the Financial Information Unit (UIF) and the Central Bank of the Argentine Republic (BCRA) make the following considerations that must be assessed by the obligated entities:
Holding dollars in cash
Taking into account that, as international organizations have stated, in economies with a history of high inflation and exchange rate volatility, the holding of foreign currency in cash constitutes an economically rational behavior aimed at preserving the value of assets. That circumstance does not, in itself, constitute an indication of illegality nor does it justify its automatic classification. Its evaluation must be carried out within the framework of a risk-based approach, considering the profile of the client, the economic reasonableness of the operation and the existence – or not – of other concurrent warning indicators.
Use and/or deposit of dollars in cash
The Anti-Money Laundering regulations do not prohibit cash deposits, regardless of their amount.
It also does not require the request for information on the origin of funds in the cash line as a condition of accepting a deposit.
The regulatory obligation is limited to the identification of the depositor and the holder when the amount exceeds 40 SMVM (Minimum, Vital and Mobile Wage).
Adherence to the Simplified Affidavit Regime, a favorable precedent in the identification and monitoring of operations
Decree 93/2026 of 08/02/2026, which regulates Law 27,799, urges obligated entities to consider the adhesion of a taxpayer to the Simplified Affidavit Regime as a favorable precedent in their risk analysis.
Review operational thresholds and document requirements
When the origin and application of funds are consistent with the declared activity and the economic profile of the client, and the amount involved is below the threshold established for the configuration of the crime of tax evasion, it may be unnecessary to require additional documentation when, according to the comprehensive risk analysis carried out by the obligated entity, no relevant inconsistencies are identified in line with a reasonable EBR (Risk-Based Approach).
Improved quality of alerts and operations analytics
Based on this approach, the Obligated Entities must carry out a comprehensive analysis of the client, which contemplates its characteristics, its transactional behavior and the nature and reasonableness of its operations, and not limit its evaluation to an exclusive consideration of its tax or tax profile.
In this framework, and with the aim of strengthening financial inclusion, promoting the use of formal channels, and preserving the integrity of the Preventive System for Money Laundering, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction, the EBR constitutes an essential element to guarantee an adequate and effective treatment of the funds deposited in the financial system. Consequently, the obligated entities must adjust their prevention systems by updating their risk matrices accordingly, so that they reflect the regulatory modifications in force – in particular, the increase in the objective condition of punishability – and allow optimizing the categorization of customers, the monitoring of operations and the management of internal alerts generated by their systems. All this, with the purpose of avoiding requirements for justification of funds that are inconsistent with the EBR and with the applicable regulations.
In view of the above, obligated entities are urged to strengthen the Risk-Based Approach and to update their ML/FT/FP prevention systems, in accordance with Resolution 14/2023 and its amendments, keeping in force the obligations on the prevention of Money Laundering, Terrorist Financing and Financing of the Proliferation of Weapons of Mass Destruction, arising from Law 25,246 and its amendments.
