Argentina’s Unidad de Información Financiera (UIF) has ordered financial services companies within the country to report all transactions involving digital currency.
The UIF document, which outlines amendments to previous regulations, cites the threat of money laundering and criminal financing. It suggests that the UIF will act as a conduit for information enabling greater oversight of bitcoin and other “virtual coins”. The UIF is Argentina’s chief anti-money laundering agency.
The announcement, dated 4th July, comes more than a month after Argentina’s central bank issued a warning to businesses seeking to use digital currencies. In that release, the BCRA cautioned that “there is no consensus on the nature of these assets”. Other financial regulators in Latin America have adopted similar stances.