In June 2022, new Instructions for the Prevention of Money Laundering and Financing of Terrorism issued by the Financial Investigation Unit of the Attorney General's Office (UIF) became effective. 

The new Instructions replace one dating from 2013 and aim to establish clearer and more precise rules to comply with the obligations established in the Anti-Money Laundering Law. It also better harmonizes our domestic legislation with international treaties and conventions and with the standards of the Financial Action Task Force (FATF) concerning money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.

The entry into force of the new instructions establishes profound changes in the approach to money laundering and clarifies ambiguities related to the regulated entities and the compliance officer; it also establishes the risk-based approach as an essential foundation for the effective allocation of resources by regulated entities and the implementation of risk-based measures. This marks a radical change that mandates obliged entities to review their related manuals, agreements, and policies.