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In a global context in which money laundering represents a significant threat to financial stability, from United Nations They estimate that the total amount of laundered funds ranges between 2% and 5% of the Gross Domestic Product (GDP) globally, which represents between 1.6 and 4 trillion dollars annually.
Argentina is not immune to this problem. The National Asset Laundering Risk Assessment warns that the crime of money laundering exceeds 1 billion dollars annually.
In detail, the agency identified a total of 1,386 cases of money laundering initiated between 2017 and 2020 within the country. Likewise, it developed a statistical sampling aimed at quantifying the assets involved in legal cases for money laundering. The sampling included responses from 74.14% of the judicial authorities consulted.
The division between the global amount obtained and the number of cases used for sampling allowed us to tentatively project the unit value of the facts investigated in court for money laundering in USD 3,086,649.87. Based on this result, it was possible to estimate a lower annual threshold for the crime of money laundering in USD 1,069,524,179.95.
The fight against money laundering is intensifying globally, with technology emerging as a key ally in this relentless battle.
Government authorities and businesses around the world face growing concerns about money laundering and terrorist financing in an environment where financial transactions are becoming increasingly complex and technologies are advancing at a rapid pace. In this context, “the need for strong regulation and effective surveillance has never been more pressing,” noted a report by Worldsys, a solutions development firm. regtechwho apply technology for regulatory compliance.
The recent National Assessment of Risks of Money Laundering and Financing of Terrorism and Proliferation of Weapons of Mass Destruction, carried out by the Financial Information Unit (UIF), the report explained, sheds light on the most pressing threats in this field. Among the most notable findings, three fundamental concerns are identified: the lack of application of the Risk Based Approach (RBA)the difficulty in identifying the Final Beneficiaries and operations with cryptoassets.
The Risk-Based Approach, a primary recommendation of the Financial Action Task Force (FATF) in its international standards, faces challenges in its implementation by companies. Martin PineiroDirector of Worldsys, highlighted that these difficulties can lead to problems that lead to financial losses and serious reputational damage.
In this sense, the identification of the Final Beneficiaries, the natural persons who control an entity, is considered essential to guarantee transparency in financial operations and prevent the misuse of these structures for illicit purposes. In the case of cryptoassets, the situation is even more complex, due to the lack of a solid regulatory framework.
“Regtech solutions allow us to automate and improve risk management and regulatory compliance. Using advanced tools such as data analytics, artificial intelligence, and machine learning, businesses can efficiently monitor transactions, identify potential risks, and ensure compliance in real time. This helps to avoid sanctions from control bodies and detect irregularities with greater precision, which is essential in a context of constant changes and increasing regulations,” explained Piñeiro.
In this context, Worldsys reported that it will launch “Compliance 4.0”, an event that will bring together various companies and industry experts to address the main concerns related to regulatory compliance. The event will include panels on monitoring accounts that operate with cryptocurrencies, the application of artificial intelligence in the prevention of money laundering and fraud, comprehensive risk management and its connection with cybersecurity and the protection of personal data, among others. crucial issues for regulatory compliance.
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