On May 29, 2013, Argentina's lower house passed a law which will grant amnesty to tax evaders who invest undeclared foreign-currency funds in construction projects or bonds to finance state-run oil company, YPF SA. The Senate passed the measure on May 22.
President Cristina Fernandez de Kirchner seized YPF SA a year ago in order to increase the country's oil output and reduce its dependence on imports. The new legislation may raise as much as USD 5 billion in investment. Tax evaders who receive amnesty will not have to pay past-due taxes or describe the origin of the funds.
Critics argue that tax amnesty will encourage increased money laundering in Argentina.