New rules for Mexico's energy sector will soon empower the country's tax supervisor to scrutinize international firms for potential violations of money-laundering and graft laws. The regulations, which take effect in November, require a newly created accounting office within the Tax Administration Services (SAT) to audit global energy firms contracted for oil production and development work and report suspicious transfers to the nation's financial intelligence unit. The foreign firms must register with SAT ahead of the audits by the new General Administration of Hydrocarbons, which will conduct onsite visits and review registration documents for accuracy, according to the rules finalized...
Citigroup subsidiary Banamex USA will pay federal and state agencies $140 million for unresolved anti-money laundering violations ahead of the shutdown of its U.S. operations, the bank and regulators said Wednesday.
Mexico's partial reversal of 2010 limits on U.S. dollar deposits will make it easier for narcotics traffickers to launder drug proceeds through Mexican banks, according to current and former investigators.
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.
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.