Argentina has enacted a law criminalizing money laundering.
The South American country's Senate near unanimously passed the bill into law Wednesday evening. It was promoted by President Cristina Fernandez, who is trying to show the international community that Argentina is serious about cracking down on financial crimes.
The international Financial Action Task Force has warned Argentina it could end up on a "gray list" of nations at higher risk of criminal activity, a label that can increase the cost of doing business.
The country's top financial watchdog said Thursday that Argentina is restoring its credibility ahead of the task force's meeting in Mexico on June 20.