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Mexico to Regulate Multi-Purpose Financial Companies for AML: Report
By Colby Adams
printMexico's Ministry of Finance is planning to issue new regulations on mortgage and property finance companies in an effort to curtail money laundering through property loans, a Mexican daily newspaper reported Monday. The rules, which would affect over 1,700 Mexican companies providing lending, factoring and financial leasing services, will be published "within a few days," El Universal reported, citing unnamed sources. Spokespersons for the ministry did not return queries seeking details on the controls that would be required of the companies, which are known as Sofomes in Mexico. Organized crime groups have used the businesses to launder money through loan...
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