Important News On Criminal Exchange Proceedings

Author:Tavarone, Rovelli, Salim & Miani
Profession:Tavarone, Rovelli, Salim & Miani
 
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The Board of Directors of the Argentine Central Bank (the "Central Bank") announced important news on criminal exchange investigations. In this connection, the Superintendence of Financial and Exchange Institutions (the "Superintendence") was instructed to apply the legal principle of retroactivity of the "more favorable criminal law", on the ground of law precedents set forth by the Supreme Court of Justice (in re "Cristalux" and "Docuprint"). According to this principle, subsequent rules which are more favorable to the prosecuted persons or entities apply to cases that were before deemed a criminal offence by the Criminal Exchange Regime.

The Central Bank estimates that about 60,000 persons will be released from current criminal exchange proceedings and shall cease to be prosecuted for transactions made in the past that are now fully permitted, particularly, for minor infractions which, from a legal standpoint, can be deemed not subject to sanctions due to their insignificance....

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