The Financial Information Unit Amends the Minimum Thresholds Applicable to Certain Activities Subject to its Oversight

The Financial Information Unit (“UIF”) issued Resolution No. 130/2018 (the “Resolution”),published in the Official Gazette on October 31, 2018, which aims to update the minimum thresholds upon which certain reporting entities such as notaries public, accountants, art and luxury goods dealers, foundations and charitable organizations, among others, are required to carry out reinforced control and due diligence requirements established by the applicable anti- money laundering and terrorism financing regulations.

This measure aims to “contribute to an efficient prevention of money laundering and terrorism financing” from a risk-based approach, in accordance with the international standards promoted by the Financial Action Task Force (FATF), as established in the foreword of the Resolution.

The recitals of the Resolution highlight the fact that the latest update to the minimum thresholds was implemented more than two years ago by UIF Resolution No. 104/2016 and that, given the elapsed time and the variation of prices of goods and services in the economy and those of the participants in the regulated activities specifically, an update to such thresholds was necessary.

Consequently, the Resolution updated the minimum thresholds contained in UIF Resolutions No. 21/2011, 28/2011, 28/2011, 30/2011, 65/2011, 70/2011, 199/2011, 2/2012, 11/2012, 16/2012, 17/2012, 18/2012, 22/2012, 23/2012, 32/2012, 66/2012, 127/2012, 140/2012, 50/2013 and 489/2013.