Mexico falls short on prosecuting money laundering – report
04 Jan 2018

Mexico is failing to root out money laundering because it uses a reactive case-by-case investigation approach and law enforcement agencies suffer from corruption, according to a report on Wednesday by an international body that fights illicit cash.

Money laundering “is not investigated and prosecuted in a proactive and systematic fashion…. Consequently, the number of prosecutions and convictions for money laundering are very low.

Significant shortcomings were found in the way in which money-laundering cases are investigated,” said the report by the Financial Action Task Force (FATF).

The group is an inter-governmental organisation established in 1989.

Mexico’s finance ministry and the attorney general’s office promised in a joint statement to improve efforts. “The authorities commit to strengthening the areas of opportunity detected, but above all to continue safeguarding the national financial system and supervising vulnerable activities,” they said.

Mexico is making little headway in seizing illicit cash, according to the government’s own estimates.

– by Anthony Esposito, Stefanie Eschenbacher, Reuters. 3 January 2018.

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