|Chile’s Public Sector to Report Suspect Financial Transactions to Tax Authorities|
Law No. 20.818 for the "prevention, detection, control, investigation and judgment" of money laundering obliges New Chile AML Law over 1,000 public authorities and bodies to report suspect financial transactions they encounter to the relevant authority: the Financial Analysis Unit (Unidad de Análisis Financiero, UAF).
From February 18 (the date on which the law became operational) ministries, municipalities and other public bodies have the obligation to report to UAF money laundering and other financial crimes without being subject to penalties. The new law extends the list of crimes that must be reported to include smuggling, intellectual property crime and bribing foreign public officials, among others by amending Law No.19.913.
The new law also includes provisions to prevent the financing of terrorism and provides for the freezing and retention of funds from persons listed by the United Nations Security Council as belonging to terrorist groups.
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Published on our website on Feb.26, 2015