A U.S. program supplementing Mexico’s efforts to clamp down on drug trafficking and money laundering should be extended for years to come, American investigators say.
Armed resistance by militia groups to Mexico's violent drug cartels will complicate the efforts of bankers charged with following anti-money laundering laws, whatever their sympathies, say industry consultants.
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.
An agreement formalizing cooperation between a Mexican financial regulator and a U.S. overseer of money services businesses and banks is likely to result in more enforcement actions in both countries.
Money launderers working on behalf of Mexican cartels have moved southward after a deferred prosecution agreement between Western Union and Arizona gave investigators unprecedented access to remittance data in Northern Mexico, according to Vince Piano.
Bank compliance staff should better scrutinize clients tied to Central America and Mexico's cattle industry following a spate of related U.S. sanctions, say current and former officials.
Recent investigations indicate that a number of Mexican brokerage firms are converting drug profits into pesos and using a network of couriers to layer the money in American bank accounts.
Plans to attract foreign capital and expertise to Mexico's oil sector could give organized crime groups and corrupt officials an opportunity to layer and integrate dirty money, say industry analysts.
A list of alleged Mexican drug traffickers could aid anti-money laundering departments in identifying suspicious transactions, say compliance officers.
Without the threat of larger monetary settlements or prosecutions, financial institutions have little economic incentive to seriously enforce their anti-money laundering compliance controls, according to Peter Reuter, a professor in the Department of Criminology at the University of Maryland.
U.S. lawmakers may need to earmark more money for Mexico's financial intelligence unit as part of a $1.9 billion aid package intended to help fight drug trafficking, a federal official said Thursday.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
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 Mexico's President Felipe Calderon relinquishes power in December to his successor, he'll leave behind a decidedly mixed legacy in the fight against the country's drug cartels. But U.S. law enforcement agents and other officials worry that Mexico's next leader could do worse, sources say.
Federal examiners have asked at least a dozen banks along the U.S.-Mexico border to file suspicious activity reports even for relatively small transactions deemed only to be "unusual," say compliance professionals.
Mexico has lost as much $91 billion per year to capital flight associated with tax evasion and corruption during the last decade, according to a report by an American advocacy group.
American officials are investigating whether banks accepting cash declared by individuals entering the United States from Mexico are filing regulatory reports with the U.S. Treasury Department, say compliance professionals.
A broad anti-money laundering measure that would create and strengthen criminal penalties and impose reporting requirements on non-bank institutions in Mexico is likely to pass into law this month, say former government officials.
Mexican drug traffickers are likely laundering some of their profits in the country's casinos and nightclubs, as well as in campaign funds for political candidates, according to a leaked U.S. diplomatic communiqué.
Despite reports that 30 percent of Mexico's currency is derived from illicit funds, many compliance officers are just now waking up to the reality of the country's extensive money laundering problems, according to an AML consultant who works with MSBs.