A long-negotiated economic treaty finalized Monday will require global banks to review billions of dollars in subsequent trade transactions for potential links to financial crimes, according to analysts.
Mexico's recent decision to ease limits on deposits of American currency has breathed new life into the illicit finance risks associated with U.S. dollar clearing operations, according to sources.
Long considered one of the toughest illicit finance schemes to crack, trade-based money laundering is on the rise in response to stricter regulatory oversight of financial institutions, U.S. investigators said Monday.
U.S. investigators are asking some of the nation's largest banks to tighten their policies on accepting cash deposits in an effort to choke off the financial channels of human smugglers.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Changes to the final version of Mexico's new anti-money laundering law leave important gaps in the nation's compliance regime, and may elicit criticism from an intergovernmental policymaker, say analysts.
When the DOJ accused 14 in June of washing Mexican cartel money via a horse racing operation, it signified a rare feat in the drug war: a prosecution built solely on money laundering charges. Despite years of trying to choke the cash networks of Mexicans drug gangs, such cases remain the exception.
Key features of an anti-money laundering strategy to combat drug trafficking organizations pitched last year by Mexican officials may ultimately be dropped by lawmakers, say industry advisors.
New rules restricting U.S. dollar deposits at Mexican banks could end up pushing billions in illicit cash through U.S. and Latin American financial institutions, say compliance professionals.
The Mexican Finance Ministry Tuesday unveiled strict new limits on cash deposits of U.S. dollars in efforts to curb the flow of illicit cash into the financial system from drug traffickers.