Phase 1 of the money laundering amnesty is coming to an end, and the government reports that it has surpassed its expectations. This stage, crucial for regularization, has resulted in an increase of around US$ 14 billion in bank deposits, thus protecting the gross reserves of the Central Bank from debt payments made in October. The deadline for declaring cash holdings is approaching, scheduled for next week.
The government has been optimistic after an initial wave of dollar withdrawals from taxpayers who participated in the amnesty, as revenues have exceeded outflows in recent days. An increase in declarations is expected during this last week, with many people finally deciding to participate in the process. The decision to extend the phase until October has led many undecided individuals to take advantage of the opportunity.
Some taxpayers have decided to launder part of their assets in September and reinforce the operation in October, which has been interpreted as a gesture of confidence from the government. Part of the laundered funds has been allocated to investments in the stock market, which has been well received by market observers. The interruption of the withdrawal of laundered dollars from banks in recent weeks has also been interpreted as a positive sign.
The president of the Central Bank has reported that approximately US$ 14.5 billion in cash has been laundered, almost double that of the last amnesty initiative. The goal is for these funds to be directed towards investments that boost the private sector and improve net reserves through dollar loans settled in the official market. Tax experts suggest extending the opportunity to launder cash, as the real estate sector appears to be responding positively to the measure.
