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By Miguel Cassagne

Managing Partner ? CASSAGNE Consultores



I. Introduction: the structural tension between economic urgency and integrity standards.


The Argentine economy is once again facing a scenario marked by a shortage of foreign currency, the need to rebuild international reserves, and the search for mechanisms capable of channeling resources currently held outside the formal economy into the financial and economic system. In this context, the debate surrounding so-called ?under-the-mattress dollars? has returned to the forefront of the public agenda, accompanied by regulatory initiatives aimed at facilitating their disclosure and formalization.


Each time this debate resurfaces, however, it does so alongside a tension that goes far beyond tax policy or short-term considerations. It is a structural tension between economic urgency and the need to preserve the standards of legality, transparency, and integrity required by the anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF) framework adopted by Argentina.


The underlying question is always the same: to what extent can the pressing need for foreign currency justify the adoption of measures that, directly or indirectly, erode the controls designed to safeguard the lawful origin and traceability of funds entering the system? Comparative experience and Argentina?s recent history allow us to state, with a reasonable degree of certainty, that crossing this line constitutes a systemic error whose consequences far outweigh any short-term benefit.


II. Law No. 27,799 and the initial debate: interpretations, expectations and risks.


The enactment of Law No. 27,799, commonly referred to as the Fiscal Innocence Law, triggered intense debate from its very inception across academic, professional and media circles. While some sectors viewed it as a necessary tool to remove excessive tax rigidities and broaden the tax base, others warned of the risk that its implementation could lead to a relaxation of controls related to the origin of funds.


These divergent readings are hardly surprising. In periods of macroeconomic stress, there is often a temptation to portray the AML/CFT system as an obstacle to growth, rather than recognizing it as a prerequisite for sustainable and credible development. The issue does not lie in the pursuit of formalization mechanisms per se, but rather in the possibility that such efforts are undertaken under an ?at any cost? logic.


When that occurs, the risk is twofold. On the one hand, the country becomes exposed to being perceived as an attractive jurisdiction for organized crime, precisely because the proceeds of illicit activities would not be effectively challenged by robust controls. On the other hand, Argentina?s international standing vis-à-vis the bodies and fora that assess the soundness of national AML/CFT systems is put at risk.


III. The AML/CFT system as a State policy and a strategic asset.


Argentina?s anti-money laundering framework is neither a recent construction nor a mere reflection of external demands. It is the result of a long-standing State policy that has spanned successive administrations, mutual evaluation processes and legislative reforms aimed at meeting international standards and preserving the integrity of the domestic financial system.


Departing from this path would have immediate and tangible consequences. Inclusion on grey or black lists, the loss of correspondent banking relationships, higher external financing costs and a contraction of investment flows are not abstract hypotheses, but rather well-documented outcomes in jurisdictions that have opted to weaken controls in pursuit of short-term objectives.


Accordingly, any initiative designed to facilitate the formalization of assets must necessarily engage with the preventive system and cannot seek to operate outside of it. Economic growth and control are not antagonistic concepts; when properly articulated, they are mutually reinforcing variables.


IV. Decree No. 93/2026: regulation as an ordering mechanism.


Against this backdrop, the enactment of Decree No. 93/2026, which regulates Law No. 27,799, takes on particular relevance. Far from representing a rupture, the decree appears aimed at fulfilling an ordering function: defining the scope of the regime, clarifying its interaction with the AML/CFT framework, and reducing the margin for expansive interpretations that could jeopardize regulatory coherence.


The decree and its Annex go beyond purely procedural matters. They expressly incorporate references to the AML/CFT/CPF framework and to the risk-based approach, which is significant insofar as it establishes a clear interpretative criterion for all relevant stakeholders, without prejudice to any future guidance that may be issued by the Financial Intelligence Unit.


V. Brief reference to the tax and general aspects of Decree No. 93/2026 and its Annex


Although this paper focuses on the analysis of Decree No. 93/2026 from an AML/CFT/CPF perspective, it is appropriate, for contextual purposes, to briefly outline certain key tax and general features of the regulated regime.


Among the principal elements of the decree and its Annex are:



This framework demonstrates that tax simplification does not operate in a regulatory vacuum, but rather within a structure that retains relevant control and verification tools, whose interaction with the AML/CFT system is central.


VI. Alignment with international standards and the risk-based approach.


One of the most significant features of the decree is the express reaffirmation that the regime must be applied in harmony with AML/CFT/CPF regulations and international standards. This reference is not merely rhetorical; it performs a concrete normative function by establishing that tax simplification cannot be construed as a waiver of preventive controls.


The risk-based approach thus emerges as the guiding principle that allows the facilitation of tax compliance to be reconciled with the preservation of system integrity. The objective is not to eliminate controls, but to manage them intelligently, proportionately and in line with the risk profile of each case.


VII. Formalization, banking and traceability as core pillars of the regime.


The Annex to the decree requires, among other matters not addressed in detail herein, that transactions conducted under the regime be channeled through means authorized by the regulated financial system, prioritizing the traceability of funds at their origin or destination. This requirement reinforces the central role of the financial system as the natural environment for transactions seeking incorporation into the formal economy.


Formalization, in this sense, goes beyond mere tax compliance. It entails the involvement of regulated intermediaries, recordkeeping, transaction monitoring and reporting capabilities. Banking channels and formal instruments act as structural barriers against opacity and are indispensable to preserving the effectiveness of the preventive system.


VIII. Proof of adherence and its true scope.


Another relevant aspect of the regulation is the provision for a digital certificate of adherence to the regime, issued by the tax authority, which may be considered by financial institutions and other obliged entities as a ?favourable background element? in customer due diligence processes, including customer identification and transaction monitoring. The decree expressly clarifies that such consideration does not affect the full applicability of the obligations imposed by Law No. 25,246.


The provision introduced by Article 5 of the Annex to Decree No. 93/2026 has practical implications for obliged entities that warrant a careful and systematic technical reading. From a legal and regulatory standpoint, it does not create an autonomous category nor does it alter the structure of existing due diligence processes. Rather, it introduces an additional informational element, issued by the tax authority, which may be weighed within the customer risk assessment, subject to the limits imposed by the risk-based approach and the specific regulations applicable to each type of obliged entity.


Accordingly, the classification of the certificate as a ?favourable background element? should be understood as a positive administrative signal limited to the tax sphere?relevant, but not determinative?integrated into the broader set of variables that comprise customer knowledge. Its assessment cannot be isolated or automatic, but must be conducted alongside other relevant factors used for customer identification, understanding and profiling within the overall context of the business relationship.


The certificate of adherence should therefore be regarded as a complementary informational element, devoid of any exculpatory effect, presumption of lawful origin, or substitution of due diligence obligations. Properly weighed, it enhances traceability and analytical quality without undermining the coherence or effectiveness of the preventive system.


In this context, it remains for the Financial Intelligence Unit, within the scope of its authority, to ratify and further specify this criterion through any specific resolutions it may deem necessary for different categories of obliged entities. Adequate incorporation of this provision into secondary regulation would strengthen conceptual clarity and operational consequences, prevent divergent interpretations, and ensure its harmonious integration into due diligence processes.


IX. Documentation, consistency and clear regulatory signals.

The decree appears particularly emphatic in establishing that the use of false or sham documentation constitutes grounds for the loss of regime benefits, regardless of the amount involved. This sends a clear signal: traceability is not merely quantitative, but also qualitative. Documentary consistency remains a cornerstone of control and an essential requirement for preserving the credibility of both the regime and the system as a whole.


X. Supervisory powers and continuity of enforcement authority.


Far from limiting State action, the regulation preserves intact the tax authority?s audit and verification powers in the event of significant discrepancies, including with respect to prior periods. Administrative simplification does not entail a relinquishment of control, but rather a reorganization of the mechanisms through which it is exercised.


This aspect is central to dispelling any perception of ?safe havens? or zones of impunity. The regime neither suspends nor neutralizes enforcement capacity; instead, it integrates it into a more agile and focused framework.


XI. The role of the FIU and the need for coherent regulatory articulation.


In this context, it is desirable for the Financial Intelligence Unit to reflect this framework in any specific resolutions it may issue for obliged entities. Incorporating the elements provided for in the decree into due diligence processes would strengthen?rather than erode?the effectiveness of Argentina?s preventive system.


Regulation that harmoniously integrates proof of adherence, transaction traceability and the risk-based approach will help ensure that the formalization process does not translate into diminished control standards, but rather into their intelligent adaptation to a new economic phase.


XII. Final considerations: growth and trust as complementary objectives.


Argentina needs growth, investment and economic recovery. That objective, however, is not incompatible with the preservation of a solid and credible control system. On the contrary, economic growth and confidence in the seriousness of the preventive framework are necessary allies.


Decree No. 93/2026 should be interpreted and situated within this logic of balance: promoting formalization and facilitating tax compliance without dismantling the minimum standards of legality and traceability that underpin Argentina?s credibility in the international arena.


Departing from this path would represent a serious strategic mistake. Maintaining it, by contrast, will allow Argentina to pursue simultaneously the two objectives demanded by the current stage: a more dynamic economy and a robust, effective preventive system aligned with international standards. Only in this way can Argentina be?and be perceived as?a serious, reliable country fully integrated into the global financial system.