New Provisions.
The prevention of money laundering has its detractors, both within and outside the country: they claim that prevention regulations are becoming more stringent, that it is becoming more difficult to open a bank account or receive a money order, and that, nevertheless, there are major episodes of corruption that continue to prevail around the world.
Whatever the merit of that viewpoint, it seems that prevention regulations are here to stay. In recent days, a resolution was released by the National Secretariat for the Fight against Money Laundering and the Financing of Terrorism (SENACLAFT) that established certain details regarding the so-called “declaration of fiscal regularity†that must be recorded by individuals and companies that control the documentation or status of their clients (the “Resolutionâ€).
The list of entities required to require said declaration (the “Declarationâ€) includes, among others, real estate agencies, real estate developers, construction companies, notaries and lawyers (in certain cases or in certain transactions), corporate service providers, operators and users of free zones.
These persons/companies must require this Declaration where, according to current laws, so-called “intensified risk control†is applicable. That is, situations which, according to legal criteria, justify more rigorous control (for example: when dealing with transactions involving politically exposed persons).
The Resolution clarifies that, in order to comply with this requirement, the client will have two (2) alternatives:
(i) Present all sworn declarations submitted to the corresponding Tax Authority (either the Uruguayan DGI and/or the competent tax authority abroad); or
(ii) Present proof of being up to date with tax payments, also issued by the corresponding Tax Administration (either the current single certificate from the DGI of Uruguay and/or the proof issued by the competent tax authority abroad).
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This communication is for informational purposes only. It cannot and should not be understood as legal advice from this firm.Â
For any questions regarding this material, please contact
Dr. Guzmán RamÃrez ( gramirez@bergsteinlaw.com ) and/or Dr. Domingo Pereira ( dpereira@bergsteinlaw.com ) .
