The anticipated passage of the new Argentina Amnesty Act, which will allow the country's citizens to deposit, with no questions asked about Source of funds, into an energy bond. The bond will pay 4% interest, and mature in three years. What's wrong with this picture ?
I understand the problem in Argentina: due to some extremely dirty tricks perpetrated in the past by prior administrations, where US Dollars were involuntarily converted into Argentinian Pesos, most smart Argentinians keep all their savings in home safes, so they don't get taken advantage of again by their leaders. They don't trust their own government. The best estimates of dollars in hiding in Argentina are $160-$220bn . That's a lot of money removed from the economy, and unable to contribute in any way.
The Government of Argentina has failed to understand that they have opened the door to criminal proceeds, not only from Argentina, but from every country. Money launderers can bulk cash smuggle their clients' illicit wealth into Argentina, clean it through the new programme, and invest it on a huge scale, without any evidentiary paper trail for law enforcement. The Argentinian law is a recipe for a global money laundering disaster; Argentina, please abandon this folly.
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