Agreement between the BCRA and the Ministry of Security

BCRA convenio

The Governor of the BCRA and the Minister of National Security, Sabina Frederic, signed a Master Agreement to improve bank security, and cash carrying services, and to prevent and tackle infringements to the Foreign Exchange Criminal Regime.

The Master Agreement seeks to prevent infringements to the Foreign Exchange Criminal Regime, which are committed by organized groups outside the foreign exchange market to avoid being identified or recorded in formal databases.

“We are working with the Ministry to sign a cooperation agreement regarding bank security, cash carrying services, and controls aimed to deter illegal forex transactions.

This agreement allows us to be in regular contact with security forces and to work promptly on the declassification of information and identification of forex trading criminals as they may be involved in other foreign exchange crimes,” stated Pesce, who was accompanied by Claudio Golonbek, Superintendent of Financial and Foreign Exchange Institutions, when signing the agreement.

Under this Agreement, the Ministry of Security will commit Armed Forces personnel to supervise with BCRA’s officers the compliance with forex regulations. They shall also take evidentiary measures—including having witnesses or defendants appear in person—, and investigation measures as requested by the BCRA.

In turn, the BCRA will regularly prepare and submit information on presumably illegal forex transactions. Moreover, it may request experts’ reports on a preferential and urgent basis, where personnel from the Ministry of Security are called to collaborate.

This Agreement, in effect for one year, will set up a Coordination Unit, the members of which will be officers from the Central Bank and from the Ministry of Security.

August 31, 2020.

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