The Comprehensive Anti-Money Laundering (No. 19,574) will take effect on January 10, 2018. It will be applicable to both the financial sector (under supervision of the Central Bank of Uruguay - BCU) and to the nonfinancial sector (under supervision of the National Anti-Money Laundering and Terrorism Financing Secretariat - Senaclaft).
The purpose of the law is to codify, systematize and update current anti-money laundering provisions. Hence, the law repeals all rules on the subject that had been scattered in diverse provisions and becomes the only comprehensive anti-money laundering act.
The law adds to the list of regulated nonfinancial individuals and entities, including, under the conditions established in the law and the regulations, attorneys, public accountants, free trade zone indirect users, corporate services providers, civil associations, foundations, political parties, groups and in general any nonprofit organization with or without legal personality.
The obligations of regulated persons include due diligence procedures in relation to their clients, who under the law must be risk-classified as requiring simplified, normal or intensified due diligence. The regulated parties must be able to show the competent authorities that the actions taken are sufficient in scope for the money laundering or terrorism financing risk posed, by filing a written risk assessment.
Another significant change introduced by the Law is the inclusion, in certain circumstances, of new predicate offenses involved in money laundering, such as tax fraud, customs fraud, bankruptcy fraud, homicide, crimes causing serious and very serious injuries, larceny, robbery, home-invasion, livestock rustling, criminal conspiracy, smuggling, fraud and misappropriation.
Finally, the Law -in addressing matters of corruption- establishes that certain high-level public officials, such as the president and vice president of the Republic, national senators and representatives, ministers and under-secretaries of State, general secretariat directors at ministries, directors of autonomous entities, decentralized services, non-State public entities and holders of any political or trust position cannot be shareholders, ultimate beneficiaries or have any relationship with commercial companies domiciled in no- or low-tax jurisdictions while holding public office.
The law is currently in the process of regulation for both the financial and nonfinancial sectors.