Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Reuters -Mexico is not prosecuting money laundering: report

 

 

 

By Reuters

MEXICO CITY
Petroleumworld 01 04 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 organization 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.

Mexico seized just $32.5 million in 2016. That represents less than 0.1 percent of the $58.5 billion of illicit revenues the government estimates is generated by organized crime annually.

Although the FATF said Mexican authorities generally have “a good understanding of money laundering and terrorist financing risks ... this financial intelligence does not often lead to investigations of money laundering, underlying crimes, and terrorist financing.”

Mexico is the top source of illegal drugs to the United States and both countries' authorities have been criticized by civil society groups for leaving drug gang finances largely intact.

“The level of corruption affecting law enforcement agencies, in particular at the state level, undermines their capacity to investigate and prosecute serious offences,” said the report.

In a draft of the report previously seen by Reuters, FATF commended efforts to clean up the Mexican banking sector after U.S. investigations in the mid-2000s showed global banks processed billions of dollars in drug gang cash.

But it said tax authorities did not do enough to monitor businesses outside the financial sector used for money laundering, such as real estate.



Reporting by Anthony Esposito and Stefanie Eschenbacher; Editing by Chizu Nomiyama and Cynthia Osterman from Reuters.

reuters.com 01 03 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.