The Board of Directors of the Argentine Central Bank (the
"Central Bank") announced important news
on criminal exchange investigations. In this connection, the
Superintendence of Financial and Exchange Institutions (the
"Superintendence") was instructed to
apply the legal principle of retroactivity of the "more
favorable criminal law", on the ground of law precedents
set forth by the Supreme Court of Justice (in re
"Cristalux" and "Docuprint").
According to this principle, subsequent rules which are more
favorable to the prosecuted persons or entities apply to cases that
were before deemed a criminal offence by the Criminal Exchange
Regime.
The Central Bank estimates that about 60,000 persons will be
released from current criminal exchange proceedings and shall cease
to be prosecuted for transactions made in the past that are now
fully permitted, particularly, for minor infractions which, from a
legal standpoint, can be deemed not subject to sanctions due to
their
