Bicameral Commission Investigator of Banking and Financial Instruments. Creation. Sanctioned: December 17, 2014 Enacted in Fact: January 20, 2015
The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:
CREATION OF THE BICAMERAL COMMISSION TO INVESTIGATE BANKING AND FINANCIAL INSTRUMENTS AIMED AT FACILITATING TAX EVASION AND THE CONSEQUENT OUTFLOW OF FOREIGN CURRENCY.
Article 1-The Bicameral Commission in the field of the Congress of the Nation's Congress will create a Commission of Investigation of Bank and Financial Instruments to facilitate tax evasion and the consequent outflow of foreign currency.
ARTICLE 2-The bicameral commission will be composed of five (5) deputies and five (5) national senators, appointed by the president of each chamber. It shall be chaired by a member of the committee elected by the other members and shall be accompanied by a vice-president, also elected by the committee itself, with powers to replace him in the event of a temporary absence. The quorum of the committee is satisfied with the simple majority of its members. Decisions shall be taken 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 are taxed for activities in Argentina, and to cover up their existence in order to promote the tax evasion of these agents and the departure of the capital produced by this behavior. The commission, in order to fulfil its task, will have to seek the identification of the economic agents involved in the tax default and the flight of foreign currency, as well as the banking and/or financial institutions that have structured the the systematic way to violate existing tax and exchange rules. It will be up to the commission to establish the con-causals in which the institutions facilitating the tax evasion modality have been incurred, in terms of the concealment and/or intentional destruction of the documentation that accredits the procedure. Illicit description. In turn, the developed research work will also be oriented to delineate the possible existence of
a systemic behavior within the banking and financial market that operates in Argentina, on mechanisms carried out to promote the outflow of capital from taxation, thus promoting legislative changes in the banking, financial and/or exchange issues that are relevant to eliminate such activities.
ARTICLE 4 °-The commission shall publish a complete report of the result of its work, within ninety (90) days from its constitution, which may be extended for the only time by another.
ARTICLE 5-The commission must formulate within ten (10) days of its constitution a schedule of activities. This timetable will provide, first of all, the citation and hearing of the bank involved as an instrument of the operation and the holders of the accounts reported by the Federal Administration of Public Revenue, whose report The National Assembly of the National Assembly of the Nation and the Honorable Chamber of Deputies of the Nation and the Honorable Chamber of Deputies of the Nation. For the purposes of establishing a systemic mode of tax evasion and foreign exchange, hearings should also be held, in the light of the information gathered in the previous paragraph, with:-Banking, financial market regulators foreign exchange and capital. -Entities and agents authorized to operate in such markets, which it is considered appropriate to cite. -Experts in such markets and technicians who work and/or have worked on the same. It may also require, as a matter of priority and subject to public policy, any information it deems to be relevant to the national, provincial or municipal public sector, and to the private sector carrying out economic activities on the market. banking, finance, currency and capital, having wide powers to evaluate the same.
Article 6-In no case shall the banking, tax, securities and/or professional secrecy, legal or contractual obligations of confidentiality be relied upon by the commission in respect of reports, testimonies, documents or records of the the subject matter of the investigation. The Commission may call on the Court of Justice to remove any obstacle to access to information, which is presented during the course of its work.
Article 7 °-The objectives provided for in Article 3 of this Law are concluded, the commission shall be dissolved and shall send all the information and documentation collected, whatever support it contains, to the national executive branch. The commission must, before its dissolution, in the event that the possible existence of crimes be warned, make the corresponding complaints to the courts. As a result of the report produced, provided for in Article 4 °, to make recommendations to the Honorable Congress of the Nation, on the advisability of amending the current legislation on banking, financial, currency and stock exchange and extra-stock exchanges, if there is a systemic behavior of impulse to tax evasion and the outflow of foreign currency, by the institutions that operate in these markets.
ARTICLE 8 °-The commission will have an annual budget that will be charged to the budget of each Chamber. If necessary, the presidency of the Honorable Chamber of Deputies of the Nation will provide to the commission the physical means and human resources necessary for the
development of their functions.
ARTICLE 9 °-The commission hereby established shall dictate the rules for its internal operation. For administrative purposes, the regulations of the Honorable Chamber of Deputies of the Nation will apply as a substitute.
ARTICLE 10. -Contact the national executive branch.
GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE SEVENTEENTH DAY OF DECEMBER OF THE YEAR TWO THOUSAND FOURTEEN.
-REGISTERED UNDER NO 27,094-
JULIAN A. DOMINGUEZ. -Juan H. Estrada. -Lucas Chedrese. -Gerardo Zamora.
Date of publication: 22/01/2015