AML in Mexico

Mexico is recognized as a region with significant risks associated with money laundering and other criminal activities. In response, the Mexican government has acknowledged the presence of money laundering and other crimes and has made efforts to prevent them. The official Anti-Money Laundering (AML) law in Mexico was implemented in 2013 with the aim of combatting illegal income and safeguarding the national economy. This law also plays a crucial role in preventing crimes such as drug trafficking, fraud, corruption, and tax evasion. Mexico has taken proactive measures to combat financial crimes by adopting AML policies that align with the recommendations of the Financial Action Task Force (FATF) and those compatible with the European Union’s standards. Additionally, Mexico has implemented an Anti-Fuel Theft Policy as part of its comprehensive approach to combat fuel theft, which is a significant concern in the country.

Comisión Nacional Bancaria y de Valores (CNBV), also known as the National Banking and Securities Commission, is responsible for regulating and overseeing the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) obligations of banks and other financial institutions in Mexico. The primary objective of CNBV is to safeguard the integrity of the financial system by preventing and addressing financial crimes.

Procuraduría General de la República (PGR) serves as Mexico’s Attorney General’s Office. PGR is tasked with investigating and prosecuting cases related to money laundering and terrorist financing. It plays a crucial role in ensuring that those involved in financial crimes are held accountable.

Unidad de Inteligencia Financiera (UIF) functions as Mexico’s Financial Intelligence Unit. UIF collects relevant information on money laundering risks and shares reports with higher-level authorities. The Financial Intelligence Unit is responsible for scrutinizing suspicious transactions and, upon identifying illicit activities, takes appropriate legal measures to address them.