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Mexico Struggles With Budget Crunch Even as AML Efforts Mature: Consultant
printLike their counterparts in the north, Mexican financial institutions and law enforcement agents are running into a big hurdle in their efforts to detect money laundering: budget constraints, according to Alberto Avila, managing partner at Comlast, a consultancy firm in Cuernavaca, Mexico. The budget crunches come at a time when the compliance efforts are maturing but drug cartels are growing, said Avila, a former vice president of legal affairs for the National Banking and Securities Commission in Mexico. On Tuesday, the Paris-based Financial Action Task Force (FATF) criticized the country for failing to prosecute money laundering adequately. Avila spoke with...
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