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In Testimony, Argentina’s FIU Chief Blames Rules for Terror Finance Risks

By Valentina Pasquali

Argentina will expand its cooperation with international investigators and revise domestic rules as part of an effort to clamp down on terrorism financiers, the head of the country's financial intelligence unit said Wednesday. Speaking before members of the U.S. Financial Services Committee, Mariano Federici said his agency's issuance of more than 70 regulations over the last five years has pushed many out of the regulated financial system and fostered the growth of "illegal underground mechanisms" used to transfer funds in Argentina. "While most of such funds have been related to a legitimate need to protect wealth in safer currencies and...

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