New rules in Mexico may limit cash payments for real estate
25 Mar 2019

Mexico is developing rules that would cap the amount of cash that can used to buy real estate, Finance Minister Carlos Urzua said on Friday, part of a push to reduce the use of physical currency in a country rife with money laundering and corruption.

Urzua, speaking at a banking convention in the resort town of Acapulco, said the government was also considering rules that would require all its payments and collections to be processed electronically.

Also under discussion is the creation of incentives for professionals such as doctors, lawyers and architects to accept electronic payments over cash, he said.

By Daina Beth Solomon and Dave Graham, Reuters, 22 March 2019

Link to Reuters

 

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