Banking and fiscal secrecy: can the project move forward to lift it after Cristina’s challenge to the AFIP and the BCRA?

For the first time, the vice president Cristina Kirchner publicly expressed its intention to relax the banking, tax and stock market secrecy with the Project of law that the Senate has on “stand by” but that now could be reactivated. The goal is that the Congress can access financial information about maneuvers “capital flight” or evasion that until now is reserved for the judges and the AFIP.

During the speech made last Monday in Avellaneda by Vice President defended that initiative and sources from the Frente de Todos bloc consulted by iProfesional slipped that now they evaluate resuming the debate in commission the next weekdespite the objections made by the central bank and the AFIP.

Precisely the treatment of the controversial project (which is part of Kirchnerism’s interest in investigate debt of the management of Mauricio Macri with the IMF and its relationship with the “flight” of currency) was stopped last April at the request of Miguel Pesce Y Mercedes Marco del Pontholders of these two entities.

The warning that both sent to the senators of the Front of All about “things incompatible with the system” in the drafting of the project stopped the debate. This deepened Cristina Kirchner’s discomfort with Pesce and especially with Marcó del Pont, as demonstrated in Avellaneda by accusing them of “being afraid”, although without calling them by name.

In Avellaneda Cristina Kirchner targeted Marcó del Pont and Pesce for banking secrecy and demanded support

“The Central Bank says ‘no, there is banking secrecy’, those of the Securities Commission say ‘no, there is stock market secrecy’ and Mrs. AFIP says ‘no, there is tax secrecy,'” the vice president fired when defending the initiative. “This is a stupid state where the information to disarm the scam is not articulated. Y everyone is afraid. ‘No, I can’t do that because there’s a secret’, it’s true, but there isn’t either. willingness and attitude to change things“, he remarked.

Bank secrecy: what is the purpose of the project that confronts Cristina with the AFIP and the Central Bank?

With her words on the subject, Cristina Kirchner tried to give new impetus to the project that her senators had presented as a complement to the one that proposes to create a Special Fund to pay the IMF with Argentine dollars without declaring abroad, which is already dealt with in the Chamber of Deputies.

The central idea of ​​the project is expand the exceptions to the maintenance of secrecy and the prohibition to reveal operations that governs the capital market and the banking system, among other entities. To do this, modify the Financial Institutions Law (21,526), ​​that of Capital Market (26,831) and that of Tax Procedure (11,683)

Until today, the reports required by judges, the Central Bank and tax collection agencies, such as the AFIP, are on the list of exceptions. With this project the Congress would join them, through the Bicameral Commission on External Debtwhich could also ask for that informationas well as prosecutors and the Chief of Staff.

Project K proposes that a congressional commission can request bank and tax information

One of the most striking points is that the initiative also wants to authorize the delivery of bank, stock and tax information when required by the national regulatory entities of electricity (IN RE) and gas (ENARGAS). Cristina Kirchner has strong influence on officials in both areas.

Can the initiative advance after Cristina Kirchner’s claim?

The brake that the Central Bank and the AFIP put on the project last month annoyed Kirchnerism. The warning of Fish Y Mark del Pont not only concentrated on legal complexity of the subject but in the risk to unleash one financial and bank run.

This complicated the consensus internal in the bench front of all, where some senators are more aligned with the governors of their provinces than with Cristina Kirchner. In addition, the ruling party does not have a majority of its own and needs the support of allies who, according to this media, distanced themselves from the issue after the warning.

Therefore, the vice president made clear his discomfort with Pesce and Marcó del Pont and demanded support for the project that seeks to add to Congress to contribute information in research on suspicious maneuvers. All at a time when the vice president points to the profit margins of the most important companies as one of the factors that explain inflation.

Marcó del Pont is criticized for her resistance to the project and joins the list of officials appointed by Cristina

In any case, in the Senate they understand that even if Kirchnerism manages to advance there with the relaxation of banking and fiscal secrecy, the shipwreck project almost certainly in the Chamber of Deputieswhere the numbers for the ruling party are much tighter and a good part of its agenda is stagnant.

The background on the cross “pressures” on bank secrecy

In May the Senators of Kirchnerism driving change in bank secrecy, with oscar parrilli at the head, they tried to set in motion a kind of “operative cry” to spark the debate. At the forefront of this movement was the social leader John Grabois.

The Internal Debt Creditors Committee (CADI), headed by Grabois and made up of figures such as Nobel Peace Prize laureate Adolfo Pérez Esquivel and the director of Banco Nación Claudio Lozano, went to the Senate to demand that an “official report be drawn up that says , at least on a popular level, how much, how and who escaped”.

There, the head of the Frente de Todos interblock, Jose Mayans, reminded them that “access to bank data has to be requested by a judge, as long as there is banking secrecy”. Meanwhile, the vice president of the ruling party, Anabel Fernandez Sagastireminded Grabois that this is what the project that raises banking secrecy is for.

In this context, Cristina Kirchner’s extremely trusted senator from Mendoza assured that the bloc received “pressure from all sectors” to prevent the project from advancing and argued that “the only way to change” the current laws on this subject “is with popular initiative.

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