Soccer clubs in Argentina are now required to provide detailed reports on any transactions in an effort to prevent money laundering.
Under pressure from the global Financial Action Task Force, Argentina’s Financial Information Unit published the tough new rules Wednesday.
The rules require the Argentine Football Association and every club in the top two divisions to file reports not only on officials, players, owners and staff who make at least $13,800 a year, but on companies the association and clubs do business with.
In addition to the usual reporting of salaries, the rules call for bonuses, loans and deals such as housing, cars and financial arrangements involving family members to also be reported.
Fines for noncompliance could range from $23,000 to 10 times the amount of money involved, whichever is greater.
The Financial Action Task Force provides anti-money-laundering guidelines to governments worldwide. It began targeting soccer in 2009.
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