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Saturday, January 16, 2021

Argentinean Authorities Crack Down on Currency Trafficking

The Argentinean National Police have been carrying out a series of raids in order to crack down on foreign currency trafficking, which comes at a moment when the nation looks to counter a FX crisis that has seen the black market dollar trade flourish over the last few months.

The Argentinean National Police have been carrying out a series of raids in order to crack down on foreign currency trafficking, which comes at a moment when the nation looks to counter a FX crisis that has seen the black market dollar trade flourish over the last few months.

According to a La Nacion Thursday morning report, officials from the Argentinean government told the newspaper in condition of anonymity that the raids came after a direct order form the presidency, being part of almost two-year probe into suspected money laundering, foreign currency trafficking and potential drug trafficking by organizations with ties to Peru, Chile and Bolivia.

The raids come as the government of leftist president Alberto Fernandez has moved to bolster capital markets with new measures to improve liquidity and reduce volatility that has risen in recent months.

The newspaper said that local authorities are trying to rein in a huge gap between the official peso exchange rate and alternative trades, some illegal and some legal workarounds that enable individuals and private businesses to access greenbacks.

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