Uruguayan Bank Accounts. Cause For Concern?

[nlaruccia]

For those that have banking accounts in Uruguay, do you think they're a cause for concern? My friend commented to me that when AFIP conducts across the border investigations, they discover those that have accounts in Uruguay and that it's enough to face a jury in a criminal trial. That sounded serious to me. Could it possibly be that risky?

 

[Matiasba]

Uruguay had different banking legislation from Argentina till 2012 or last year. If Im not wrong, since dollar restrictions there has been agreements with both countries, and they can now investigate together the origin of funds, and things like that.
But still, Uruguays bet is always differ from Argentina, be an escape route, be more liberal, accept investments, funds, etc, they have huge policies of no taxing money, of loundry (growing amazingly)... Uruguay will always be an alternative to Argentina! Thats their bussiness due to the closeness... So they must differ.

 

[French jurist]

I don't think so.

- It's a complex & slow process for the AR Afip ( http://www.infobae.com/2014/04/03/1554680-la-afip-empezo-recopilar-datos-argentinos-uruguay )
- So they'll likely chase the big fish (duenos de campo) & Argentines first (many expats have other reasons to open a bank account in Uruguay)

 

[Rich One]

For those that have banking accounts in Uruguay, do you think they're a cause for concern? My friend commented to me that when AFIP conducts across the border investigations, they discover those that have accounts in Uruguay and that it's enough to face a jury in a criminal trial. That sounded serious to me. Could it possibly be that risky?

An argentina judge may request the Uruguayan banks for information on individuals suspected of money laundering they will have to explain the origin of funds and pay the AFIP accrued taxes and fines etc.

 

[Crema Americana]

There would be nothing more dumb than to go after people that are actually bringing money into the country. Then again, it's Argentina.

Money launderers and capital flight are another matter.

 

[nlaruccia]

But there are expats that aren't bringing money into Argentina.
There are those that keep their savings in Uruguay, or Switzerland for that matter. The questions is for small sums, not huge money launders, what are the chances Afip will decide to weed out expats persecute them?

 

[dennisr]

Long reach of AFIP:
http://www.cronista.com/finanzasmercados/Oyarbide-espanta-a-la-banca-privada-de-Uruguay-25.000-argentinos-en-problemas-20130819-0027.html

 

[nlaruccia]

Long reach of AFIP:
http://www.cronista....30819-0027.html

It talks about all those that have investments in Uruguay, and I imagine there a lot. It's hard to believe that it estimates that on average each account holder has $600,000 US. But not everyone has that much in an account. Some are just small fish.

 

[dennisr]

.........significant degree to which Argentine investors dominate the Uruguayan economy and its banking system.


http://en.mercopress.com/2012/05/21/bargains-forecasts-in-uruguay-as-argentine-investors-withdraw-funds-following-new-bank-rules