Chief weaknesses detected by Senaclaft in inspections of reporting entities

On April 18, 2023, the National Anti-Money Laundering and Counter-Terrorism Financing Secretariat (SENACLAFT) held a webinar for nonfinancial sector reporting entities, in which noted the following as the chief weaknesses detected in inspection processes.

New FATF recommendations stir debate on transparency standards

In March 2023, the Financial Action Task Force (FATF) issued new guidance making changes regarding the notes interpreting Recommendation 24 on transparency and information on beneficial ownership of legal entities.

Senaclaft updates List of Politically Exposed People

On June 27, 2023, Senaclaft issued a new update of the List of Politically Exposed People.

Senaclaft publishes its 2022 annual report

On April 12, 2023, la Senaclaft issued its annual report on its work during the 2022 year.

Uruguay’s leadership position in transparency

According to the Corruption Perceptions Index 2022, prepared by the NGO Transparency International, Uruguay moved up one point with respect to the previous year, consolidating its leadership position in the region.

Uruguay assumes presidency pro tempore of the financial action task force of Latin America (GAFILAT)

Uruguayan tax administration updates low or no-tax list

On January 11, 2023, the Uruguayan Tax Administration (DGI) published its list of low- or no-tax countries that took effect on January 1, 2023 (Lista BONT).

PEP list update

International financial action task force (FATF) suspends Russian membership

As of February 24, 2023, FATF sanctioned Russia and suspended its membership.

Luxury automobile, aircraft and vessel markets prone to asset laundering

Changes for reporting owners and ultimate beneficiaries to Central Bank of Uruguay

Decree 272/022, published September 5, 2022, has made changes in regulations for reporting owners and ultimate beneficiaries to the Central Bank of Uruguay (BCU).

New draft regulations on client due diligence procedures

On September 19, 2022, the BCU published new draft regulations that, if approved, will involve changes in rules on client due diligence procedures that must be implemented by supervised institutions.

Executive branch submits bill of Law for regulation of virtual activities to Parliament

In May 2022 the BCU submitted a preliminary draft bill of law to the Ministry of Economy and Finance for regulation of virtual assets, based on the Conceptual framework for regulatory treatment of Virtual Assets in Uruguay, issued by BCU in December 2021.

Updating of list of politically exposed persons in Uruguay

On September 5, 2022, the National Anti-Money Laundering and Counter-Terrorism Financing Secretariat (SENACLAFT) updated the list of Politically Exposed Persons.

Sports corporations under scrutiny by Anti-Money Laundering Secretariat

In 2019 SENACLAFT and the National Sports Secretariat (SND) signed a cooperation agreement for oversight of nonprofit organizations in connection with Anti-Money Laundering and Counter-Terrorism Financing efforts.