Uruguay notaries public flag payment rule risks

Members of Uruguay's association of notaries public, Escribanos, issued warnings over looming changes to payment rules.

Under the rules, which come into force April 1, property or vehicles cannot be paid for in cash if the transaction involves more than US$5,000, local paper El Observador reported.

They are part of the country's financial inclusion law and designed to help combat money laundering.

Notaries public will be required to state, on associated paperwork, the payment method used for each transaction.

Escribanos president Ana María Ramírez was quoted as saying in broadcast comments that anyone who has already entered into a sale agreement should ensure their paperwork is in order to avoid any potential legal tangles from April.

For infractions, notaries public can be temporarily suspended or even stripped of their title, Ramírez said.