Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/10635787/20160703
CURRENCY currency law 27.094 Bicameral Committee of inquiry of banking and financial instruments. Creation. Adopted: 17 December 2014 fact promulgated: January 20, 2015 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law: creation of LA Commission BICAMERAL RESEARCHER of instruments banking and financial DESTINED to facilitate the EVASION of TRIBUTES and LA consistent output of currency.
Article 1 - created in the scope of the Congress of the nation the Bicameral Commission of inquiry of banking and financial instruments to facilitate the evasion of taxes and the consequent departure of currency.
Article 2 ° - the bicameral Committee of inquiry shall be composed of five (5) members and five (5) national senators appointed by the President of each camera. The same will be presided over by a member of the Commission chosen by the rest of them members and will be accompanied in its management by a Vice President, also chosen by it own Commission, with powers to replace it in case of absence transient. The quorum of the Commission complies with the simple majority of all its members. Decisions shall be taken by a majority of those present.
Article 3 ° - the Commission will aim to investigate modalities for an implemented scheme to facilitate the opening of bank accounts abroad, by economic agents that are taxed by activities in the Argentina, manage them and conceal their existence in order to promote such agents tax evasion and the exit of the capital produced by that behavior. Commission to fulfil its mission, must seek the identification of economic operators involved in non-compliance with fiscal and foreign exchange leakage, as well as the banking or financial institutions that have structured nationwide systematic mode of violating foreign exchange and tax regulations. It will the Commission shall establish the with-causes that have incurred institutions enabling tax evasion mode, in terms of hiding or intentional destruction of the documentation that accredits the illicit conduct described. At the same time, also developed research work will be oriented to delineate the possible existence of https://www.boletinoficial.gob.ar/pdf/linkQR/a2JtUkQ3eTNSZ2hycmZ0RFhoUThyQT09 systemic behavior within the banking and financial market that operates in Argentina, on mechanisms carried out to promote the capital outflow escapees from taxation, driving be so, legislative changes in banking financial and/or exchange rate that it is pertinent, to eliminate this type of activity.
Article 4 ° - the Commission shall publish a full report of the result of its work, within the ninety (90) days from its Constitution, term which may be extended only once by the same.
Article 5 ° - the Commission must issue within ten (10) days of its Constitution, a schedule of activities. This schedule shall provide, in first term, citation and hearing of the banking entity involved as instrumentadora of the operation and of the holders of the accounts reported by the Federal Administration of public revenues, whose report was turned by such unit to the committees on budget and Finance of the Honorable Chamber of Deputies and the Honorable Chamber of Senators of the nation. For the purposes of establishing a systemic form of tax evasion and escape of foreign exchange, must also be hearings, in the light of the information gathered in the previous paragraph, with:-regulators of the banking, financial, foreign exchange market and capital. -Entities and agents authorized to operate in these markets, which is appropriate to quote. -Experts in these markets and technicians who work or have worked in the same. Also may require, by way of priority and subject to public order, all information deemed relevant national, provincial or municipal public sector, and the private sector that develops activities in the banking, financial, foreign exchange market and capital, having broad powers to assess the same.
Article 6 - in no event shall automatically be the banking, tax, securities, and/or professional secrecy Commission, or commitments legal or contractual confidentiality as regards reports, testimonies, documents, or history of the matter the subject of the research. The Commission may have recourse to justice in order to remove any obstacles for access to information, which arises during the course of their work.
Article 7 ° - concluded the objectives provided for in article 3 of this law, the Commission will be dissolved and must submit all the information and documentation collected, whatever bracket that contains it, to the national executive power. The Commission prior to its dissolution, shall, when it warned the eventual existence of crimes, formulate corresponding complaints to justice. It should be as a result of the report produced, provided for in article 4 ° establish recommendations to the Honourable National Congress, on whether to amend the current legislation on banks, financial, exchange rate and stock and transactions, if he is a systemic behavior of boost to tax evasion and the exit of foreign exchange by institutions operating in those markets.
Article 8 ° - the Commission will have an annual budget that will fall within the budget of each camera. If necessary, the Presidency of the Honorable House of representatives of the nation will provide to the Commission physical media and human resources necessary for the development of its functions https://www.boletinoficial.gob.ar/pdf/linkQR/a2JtUkQ3eTNSZ2hycmZ0RFhoUThyQT09.
Article 9 ° - the Commission which hereby is created will dictate rules for its internal function. For administrative purposes, will be of supplementary application as regulated in the regulation of the Honorable House of representatives of the nation.
ARTICLE 10. -Communicate to the national executive power.
GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO IN BUENOS AIRES, THE SEVENTEENTH DAY OF DECEMBER IN THE YEAR TWO THOUSAND FOURTEEN.
-REGISTERED UNDER NO. 27.094 - JULIAN A. DOMINGUEZ. -John H. Estrada. -Lucas Chedrese. -Gerardo Zamora.
Date of publication: 22/01/2015 https://www.boletinoficial.gob.ar/pdf/linkQR/a2JtUkQ3eTNSZ2hycmZ0RFhoUThyQT09
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