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Argentine president demands law against money laundering

02 March 2011 04:18 (UTC +04:00)

Baku-APA. Argentine President Cristina Fernandez on Tuesday urged the Congress to approve a law against money laundering as requested by the International Financial Action Group (IFAG), APA reports quoting Xinhua News Agency.

In this fourth government report, Fernandez warned Argentina could be punished by the IFAG if it fails to approve this law, even if "the executive power made all efforts, (and took) all the available measures regarding this," Fernandez said.

The IFAG, established by the G-7 in Paris in 1989, is an intergovernmental organization aimed at developing and promoting national and international policies to combat money laundering and terrorism financing.

According to a report by a non-governmental organization, Argentina’s justice authorities misjudged the causes of money laundering and failed to determine responsibilities.

The president’s speech also inaugurated the 129th Ordinary Session of the Congress.