A Memorandum of Understanding (MoU) to share information on financial crime has been signed by Argentina’s Financial Information Unit (Unidad Información Financiera – UIF) and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

The MoU was one of a series of agreements signed by Argentine and US officials that aim to strengthen bilateral efforts to combat organised crime.

Presidential visit

The US and Argentine authorities signed the bilateral security cooperation agreements to coincide with US President Barack Obama’s two-day visit to Argentina in late March.

The MoU between UIF and FinCEN facilitates the sharing of financial information between the two countries in order to combat money laundering and organised crime.

Restoring relations

FinCEN suspended information sharing in 2015 after Argentina’s government allegedly used US financial intelligence for political ends.

Commentators anticipate the new agreements, along with Obama’s visit, mark the beginning of better relations between the two countries.

Elected last November, Argentine President Mauricio Macri has already begun efforts to revitalise bilateral relations, which grew frosty under the administration of his predecessor, Cristina Fernández de Kirchner.