Trade Transparency Unit Program to Combat Money Laundering

July 18, 2006

U.S. Ambassador Lino Gutierrez and the head of the Argentine Federal Revenue Administration, Alberto Abad,

U.S. Ambassador Lino Gutierrez and the head of the Argentine Federal Revenue Administration, Alberto Abad, kicked off the Trade Transparency Unit Program, which will provide Argentina with software designed to exchange information between the U.S. Customs Service and the Argentine Customs Office in order to combat money laundering.

The TTU is a highly efficient tool in the fight against money laundering that is carried out through the international exchange of goods. Information obtained at the ports of entry and departure on both imported and exported goods will be subject to comparison in order to verify that the data is the same as that reported in statements submitted to the authorities.

The program, which includes training and equipment, complements the Container Security Initiative implemented between the Argentine Federal Revenue Administration and the U.S. Department of Homeland Security in September 2005. The program will strengthen the continued cooperation between the U.S. and Argentina in the struggle against money laundering.