Private sector actors play a key role in the fight against criminal activities that threaten national security, such as terrorist attacks. In a context of increasing use of technology by economic crime, they have faced significant challenges in preventing illicit financing. Libarona Cúneo celebrated the results of the evaluation by the Financial Action Task Force (FATF), highlighting the importance of this achievement in 2024.
The obligation for companies to verify the identity of their clients to prevent dealings with terrorists or drug traffickers has become more complicated in an environment of total digitalization. Examples like the use of cryptocurrencies by terrorist organizations have highlighted the need to implement robust traceability systems to manage this risk effectively.
Access to cross-border payments and money transfers has been revolutionized, but they also pose challenges in tracking funds due to their globalized and digital nature. Artificial intelligence and other emerging technologies are presented as key tools to enhance detection and prevention capabilities in the private sector.
Technological advancement and the transition to digital transactions have created new forms of financial crime, such as the use of artificial intelligence by drug cartels to evade financial controls. It is essential to have robust and updated systems to ensure security and transparency in the financial system, proactively collaborating with regulators.
Argentina's recent success in the FATF evaluation reinforces the country's credibility internationally and promotes a safer environment for foreign investment. It is essential to continue cooperating from the private sector in the prevention and combat of financial crimes, recognizing the crucial role they play as guardians of access to the financial system.
