HALISTER1: Uruguay Moves to Plug Loopholes in Money Laundering Controls

Uruguay Moves to Plug Loopholes in Money Laundering Controls

(Bloomberg) -- Uruguay is increasing its oversight of about 13,000 non-financial companies to make the country ‘totally hostile’ to criminals seeking to launder money, Carlos Diaz, head of anti-money laundering regulator Senaclaft, said in an interview.
  • NOTE: In July, Senaclaft will start applying laundering controls to non-financial cos including casinos, antiquaries, notaries, auction houses and firms located in free trade zones
  • Several firms named in Panama Papers leak will be subject to Senaclaft controls
  • Panama Papers a reminder that Uruguay needs to close laundering loopholes
  • Govt plans to submit laundering, terrorism financing bill to Congress this yr
  • Bill would link tax evasion to laundering, require companies to disclose identity of individuals who are beneficial owners
  • NOTE: Senaclaft was created this yr to consolidate govt’s anti-money laundering, terrorist financing controls
  • NOTE: Uruguay tightened laundering rules, phased-out local offshore companies known as SAFIs in the previous decade following international criticism
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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