The Public Registry of Commerce simplifies the procedure to file
the affidavit of origin and legality of funds and condition of
Politically Exposed Person.
Resolution No. 9/2012 of the Public Registry of Commerce
partially amended Resolution No. 2/2012 of such agency, concerning
the obligation to file an affidavit regarding the condition of
Politically Exposed Person and of origin and legality of funds.
On May 14, 2012 Resolution No. 9/2012 (the "Resolution
9") of the Public Registry of Commerce ("PRC") was
published in the Official Bulletin, partially amending Resolution
No. 2/2012 (the "Resolution 2") of the PRC.
Through Resolution 2, the PRC established on the one hand the
requirement to file an affidavit on the origin and legality of
funds to associations and/or foundations that receive donations or
contributions from third parties for amounts of AR$ 100,000 (or its
equivalent in kind) and evidence of the origin of the funds if the
donations or contributions received exceed AR$ 200,000.
On the other hand, the Resolution also required managers and
members of the audit organ of commercial companies and legal
representatives of foreign companies, as well as members of the
board of civil associations and foundations, to file an affidavit
on the condition of Politically Exposed Person ("PEP"),
as provided by Resolution No. 52/2011 of the Financial Information
Unit ("UIF"), which redefined the positions of PEPs.
The original text of Resolution 2 stated that the procedure to
file the affidavit had to be done through an online application in
the PRC's website, which had to be then filed in writing.
Resolution 9 established the possibility to include those
affidavits in the text of the public deed, simplifying the
procedure. In those cases, the reporting obligation will be in
charge of the notary public.
Lastly, please note that changes introduced by Resolution 9 will
come into force within 30 calendar days after its publication in
the Official Bulletin, that is, on June 13, 2012.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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