The project was presented by José Mayans from Formosa
This Thursday at 11 am, the General Legislation and Budget and Treasury Commissions They will meet to discuss the bill put forward by the ruling party to remove banking secrecystock market and fiscal, presented in conjunction with the initiative aimed at repaying the debt to the International Monetary Fund (IMF).
The senators will specifically review the elimination of banking, fiscal and stock market secrecy, which will allow prosecutors in charge of investigating money escaped from Argentina without having to wait for a judge’s permission to access that information.
The initiative was presented by Senator Oscar Parrilli (Frente de Todos) along with his peers from the circle closest to Vice President Cristina Kirchner to change the exceptions on secrecy and the ban on disclosing operations that govern the market. capitals and in the banking system, among other entities.
The proposal could remove this bank’s secrecy ”under special conditions: in case of finding the existence of a crime or presumption. It will not be for a general scheme, “they explained from the ruling party.
The project, sponsored by Formosan senator José Mayans, was reviewed at the beginning of last month, but after skepticism by Central Bank and AFIP officials, it was halted for in-depth study.
The original text modifies the articles of the laws of financial entities, of the capital market and of the financial procedure pertaining to bank secrecy. In particular, amends article 39 of law 21,526, of financial entities, which provides access to bank information to an extensive list of officials, magistrates and institutions, from judges and prosecutors to court cases.
Formally, the text states that “The aforementioned excluded subjects must keep the information completely confidential that come to their attention and they are liable for any breach of such obligation ”, but at the same time it puts pressure on banking entities by specifying that “The required reports shall be provided within a period not exceeding ten days from its request, it cannot challenge banking secrecy or legal or contractual confidentiality commitments ”.
The project also revises an article of Law 26,831, on the capital market and another on the financial procedure law, with a similar list of officials, organizations and magistrates to whom access to previously protected information was granted.
In all cases, the obligation of relevant persons and entities to maintain confidentiality of the information they access using the standard is remembered, but as the number of persons and entities with access to information increases, the concept of “banking secrecy” “loses great meaning and risks becoming an“ open secret ”.
What are the foundations of government
Among the reasons for this proposal, the authors of the project pointed out: “the central countries have launched new mechanisms to determine the movement of financial flows, their destinations and recipients, the return generated by these flows, the entities that operate the transactions., as another way to deal with resistance in this situation ”.
These initiatives, they say, have been opposed by “important global players” and “very powerful banking sectors that make it clear that the secrecy of the lure of money, sometimes without due justification at its origin, in their constituents. “
In this way, they continue, “they increase not only the mass of the resources they mobilize, without questioning the source of the funds, but (SIC) also and consequently, the revenues and benefits they derive.”
What are the witness cases
In the United States, the so -called “Foreign Account Tax Compliance Act” was approved in 2010, known by its acronym in English, FATCA (for Foreign Account Tax Compliance Act), which has been in effect since 2013 and makes it mandatory for all foreigners. financial institutions operating in the US to identify and report US citizens and residents with deposits and investments in those banks ”.
On May 27, 2015, the European Union and Switzerland signed a historic tax transparency agreement. The two parties have promised to automatically exchange all bank account information of their respective residents in 2018. This is the end of bank secrecy in Switzerland, a country with a century-long reputation as a tax haven that facilitates tax and tax avoidance. prevention.circulation of illicit money.
Through this agreement, EU member states can easily find and fight tax fraudsters. In addition, it acts as a dissuasive mechanism against all those wishing to hide property and financial assets abroad to avoid taxes.
SN
Source: Clarin
