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.
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.
Bank compliance staff should better scrutinize clients tied to Central America and Mexico's cattle industry following a spate of related U.S. sanctions, say current and former officials.
Recent investigations indicate that a number of Mexican brokerage firms are converting drug profits into pesos and using a network of couriers to layer the money in American bank accounts.
A list of alleged Mexican drug traffickers could aid anti-money laundering departments in identifying suspicious transactions, say compliance officers.
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.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
Changes to the final version of Mexico's new anti-money laundering law leave important gaps in the nation's compliance regime, and may elicit criticism from an intergovernmental policymaker, say analysts.
When Mexico's President Felipe Calderon relinquishes power in December to his successor, he'll leave behind a decidedly mixed legacy in the fight against the country's drug cartels. But U.S. law enforcement agents and other officials worry that Mexico's next leader could do worse, sources say.
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.
Narcocorrido balladeers can profit by praising crime in their songs without living the lifestyle. But they can also have direct links to Mexican drug cartels, including by helping to launder dirty money.
American officials are investigating whether banks accepting cash declared by individuals entering the United States from Mexico are filing regulatory reports with the U.S. Treasury Department, say compliance professionals.
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.
Mexican drug traffickers are likely laundering some of their profits in the country's casinos and nightclubs, as well as in campaign funds for political candidates, according to a leaked U.S. diplomatic communiqué.
Despite reports that 30 percent of Mexico's currency is derived from illicit funds, many compliance officers are just now waking up to the reality of the country's extensive money laundering problems, according to an AML consultant who works with MSBs.
Of the up to $39 billion in illegal funds smuggled from the United States into Mexico every year, approximately half ends up in Mexican financial institutions, according to a former official in the U.S. Treasury and Justice Departments.
Mexico'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.
Crackdowns on currency exchange and bond swap businesses in Mexico and Venezuela are prompting some U.S. banks to turn away secondary market businesses in Latin America even when they operate legitimately, say consultants.