Uruguay Signs Mutual Legal Assistance Treaties with the U.S. and U.K. and Introduces Anti-money Laundering Bill

Uruguay is one of the most important financial centers in South America due to its strong bank secrecy laws, few restrictions on dollar accounts, lack of foreign exchange controls, and favorable tax treatment of income and deposits. However, the U.S. believes that Uruguay’s current laws render its financial system open to abuse by narcotics traffickers who continue to launder money through Uruguayan banks and exchange houses. Uruguayan legislative and judicial authorities have taken major steps to combat money laundering…[more]