DIVISAS Law 27.094 Bicameral Commission Researcher of Banking and Financial Instruments. Creation. Sanctioned: December 17, 2014 Enacted: January 20, 2015
The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force
CREATION OF THE BICAMERAL INVESTIGADOR COMMISSION OF BANCARY INSTRUMENTS AND FINANCIAL INSTRUMENTS APPLICATE THE EVASION OF TRIBUTES AND THE OUTCOME OF DIVIS OF THE COUNTRY. ARTICLE 1 —
In the context of the Congress of the Nation, the Bicameral Commission Researcher of Banking and Financial Instruments aimed at facilitating tax evasion and the consequent foreign exchange exit of the country. ARTICLE 2
The research bicameral commission will consist of five (5) deputies and five (5) national senators, appointed by the president of each Chamber.
The same will be chaired by a member of the commission elected by the rest of the members and will be accompanied in his administration by a vice president, also elected by the commission itself, with the power to replace him in the event of a temporary absence.
The committee's quorum is made up of the simple majority of its members. Decisions will be made by a majority of those present. ARTICLE 3 —
The commission will aim to investigate the modalities of a scheme implemented to facilitate the opening of bank accounts abroad, by economic agents who pay for activities in Argentina, administer the same and cover up their existence in order to promote the tax evasion of those agents and the departure of the capitals produced by that behavior.
The commission, in order to fulfil its role, should seek to identify the economic agents involved in fiscal breach and foreign exchange, as well as the banking and/or financial institutions that have structured the country ' s systematic way of violating existing tax and exchange regulations.
It shall be up to the Commission to establish the con-causals in which the institutions providing the modality of tax evasion have taken place, in respect of the concealment and/or intentional destruction of the documentation that proves the wrongful act described.
In turn, also, the research work developed will be directed to delineate the possible existence of systemic behaviour within the banking and financial market operating in Argentina, on mechanisms carried out to promote the exit of evaded capital from taxation, thus promoting legislative changes in banking, financial and/or exchange matters that were relevant, to eliminate such activities. ARTICLE 4
The commission shall publish a full report of the result of its work, within the ninety (90) days after its constitution, which period may be extended for one time by another equal. ARTICLE 5 —
The commission shall formulate within ten (10) days of its constitution, a schedule of activities.
This timetable will provide, in the first place, for the summons and hearing of the banking entity involved as an instrumentator of the operator and of the holders of the accounts reported by the Federal Public Income Administration, whose report was turned by that unit to the commissions of Budget and Finance of the Honorable Chamber of Deputies of the Nation and the Honorable House of National Senators.
For the purpose of establishing a systemic modality of tax evasion and foreign exchange leakage, hearings should also be maintained, in the light of the information collected in the preceding paragraph, with:
- Regulatory agencies of the banking, financial exchange and capital market.
Entities and agents authorized to operate in such markets, which are deemed appropriate to be cited.
- Experts on such markets and technicians who work and/or have worked on it.
It may also require, as a matter of priority and subject to public order, any information it deems relevant to the national, provincial or municipal public sector, and the private sector to carry out economic activities in the banking, financial, exchange and capital market, with broad powers to evaluate it. ARTICLE 6
In no case shall the commission be opposed to the bank, fiscal, bureaucrat and/or professional secrecy, or the legal or contractual commitments of confidentiality as soon as they relate to reports, testimonies, documents or background of the subject matter of the investigation. The Commission may resort to Justice in order to remove any obstacles to access to information, which may occur during the course of its work. ARTICLE 7
With the completion of the objectives set out in article 3 of this law, the commission shall dissolve by sending all the information and documentation collected, regardless of the support contained therein, to the national executive branch.
The commission before its dissolution shall, in the event of the adversity of the existence of offences, make appropriate complaints to the Court.
It is the result of the report provided for in article 4 to make recommendations to the Honorable Congress of the Nation, on the desirability of amending the existing legislation on banking, financial, exchange and stock exchange and extra-bursable entities, if a systemic behaviour of impulse to tax evasion and foreign exchange is observed by the institutions operating in these markets. ARTICLE 8 —
The commission will have an annual budget that will be charged to the budget of each House. If necessary, the chairmanship of the Honorable Chamber of Deputies of the Nation will provide the commission with the physical means and human resources necessary to carry out its functions.
ARTICLE 9 —
The commission which is established hereby shall issue the rules of procedure for its internal functioning. For administrative purposes, the regulations of the Honorable Chamber of Deputies of the Nation shall be supplemental. ARTICLE 10. -
Contact the national executive branch.
IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE DECEMBER OF THE YEAR TWO MIL CATORCE.
— REGISTRATION BAJO N° 27.094 —
JULIAN A. DOMINGUEZ. — Juan H. Estrada. - Lucas Chedrese. - Gerardo Zamora.