On April 29 the Mexican Senate approved an anti-money laundering bill, reports OEM. The law will set penalties of up to 16 years for people and organizations that handle illegal proceedings and fail to report it to the proper authorities. It will also put in place restrictions on commercial transactions that include up front payments of large amounts of money, particularly real estate and objects of art. Additionally, credit card companies, casinos, insurance companies, as well as banks and other such businesses will be obliged to establish anti-money laundering procedures to alert authorities. This controversial measure aims to reduce the maneuverability of organized crime. A senator from the ruling party, Partido de Accion Nacional (National Action Party – PAN), stated that $25 billion dollars is handled by drug trafficking every year in Mexico alone.
What are your thoughts?
Click here to send InSight Crime your comments.
We encourage readers to copy and distribute our work for non-commercial purposes, with attribution to InSight Crime in the byline and links to the original at both the top and bottom of the article. Check the Creative Commons website for more details of how to share our work, and please send us an email if you use an article.