Mexico’s Sweeping AML Bill Likely to Become Law This Month, Say Former Officials

By Colby Adams

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. Mexico's Senate approved the Federal Law on the Prevention and Identification of Operations with Funds of Illicit Origin on April 29 with 84 of 128 votes. The measure would require real estate developers, jewelers, credit card vendors, gambling operations, accountants and other professionals to implement customer identification programs. The bill will almost certainly pass Mexico's lower house of Parliament this month with "very little changes," said Salvador...