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Attempts to smuggle cash from Texas into Mexico have spiked following the country's decision last year to partially lift a cap on U.S. dollar deposits, according to federal investigators.
The recent joint effort between the U.S. and Mexico in the arrest of Sinaloa Cartel head Joaquin "El Chapo" Guzman can be seen as a sign of renewed cooperation between investigators in both countries after a yearlong lull.
The U.S. Treasury Department said Friday that, in response to law enforcement concerns, armored car services and other couriers transporting cash between Tijuana, Mexico and San Diego, California must comply with enhanced border declaration requirements.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
In response to Mexico's restrictions on U.S. dollar deposits, drug traffickers have turned to funneling dirty money through accounts opened for seemingly legitimate businesses, American officials warned Wednesday.
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.
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 measure that will impose anti-money laundering program requirements on a broad range of non-bank businesses and professions in Mexico will take effect next month, according to a notice published Friday in the country's official journal.
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.
U.S. lawmakers Thursday criticized federal officials for delays in finalizing anti-money laundering rules and failing to prosecute banks and bankers that facilitate billions of dollars in illicit transactions.
Global financial institutions are facing tougher anti-money laundering compliance exams from regulators in nations that have recently bolstered their laws, Bank Secrecy Act officers said Thursday.
Used car importers in Pakistan are allegedly violating AML rules, French and Swiss law enforcement officials arrested 20 individuals believed to be part of an international drug trafficking and money laundering organization, and more, in the weekly roundup.
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.
Mexican cartel members are exploiting mirror accounts in the United States and Mexico to launder money and evade U.S. dollar deposit restrictions, financial regulators said Thursday.
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.
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.
