Reporting on the Mexican Cartel Drug War

Mexico sets rewards for reporting money laundering

Tuesday, April 5, 2011 |

AP

Mexico announced a plan Monday to reward people who report suspected money laundering, under a program that will allow them to get up to one-quarter of any illicit funds or property seized.

Mexico has struggled to find effective measures to combat a flood of about $10 billion a year in suspicious cash flows possibly linked to drug trafficking.

Under the new plan, people can file reports in person, by telephone or by e-mail. The exact percentage of individual rewards will be determined case by case by a special committee.

Public servants, law enforcement and banking system employees will not be eligible for the rewards, in part because it is already their duty to report suspicious transactions.

Catching money launderers in Mexico is difficult because of loose regulation, a largely cash-based economy, an influx of legal dollars from remittances and other sources, and the increasing sophistication of drug cartels that move proceeds from U.S. and domestic drug sales across borders.

In August, President Felipe Calderon proposed tough new anti-money laundering rules to bar cash purchases of any real estate in pesos and cash purchases of cars, planes and other goods for amounts exceeding 100,000 pesos ($7,700). The measure is still being considered in Congress.

In June, the government imposed its strictest limits ever on transactions in U.S. dollars, limiting tourists and residents who don't have accounts at Mexican banks to dollar transactions of $1,500 a month or less.

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3 Borderland Beat Comments:

Anonymous said...

Try to get more than 4000.00 dollars cash from a bank in Texas,you will fill out mucho forms. Brillant to cut out bank employees from the reward,great thinking. At least they are beguining to get a clue, you go Mexico.

Anonymous said...

That bank employee is gonna tell his uncle Beto, If there is dirty money in the bank, then they will split the reward money,Under the table,the Mexican way... this just may work...

Anonymous said...

You are right ,I just don't have the street smarts.

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