SHCP regulates mechanism to define municipalities that may operate with cash remittances
15 abril 2021

MEXICO

On April 13, the Ministry of Finance and Public Credit (SHCP, in Spanish) opened, through the National Commission for Regulatory Improvement (CONAMER, in Spanish), a public consultation to regulate the operation of credit institutions that receive remittances in dollars from the United States. The text proposes to modify the mechanism by which the local governments that will receive these funds are informed. The text will be under consultation for at least the next 20 days, and interested parties may send their opinions through the following link.

The draft in consultation proposes to amend Articles 33 bis and quater of the General Provisions which refer to Article 115 of the Law of Credit Institutions. In this regard, it proposes to establish a new electronic mechanism to list and update the local governments and towns that may receive remittances in cash from the United States under the framework of the aforementioned provisions.

With this adjustment, the SHCP aspires to promote the execution of purchase transactions, reception of deposits, payment of credits or services, in a larger number of local governments, thus helping Mexican migrants to remit money to their families. In any case, the entity confirms that this will be done taking into account a correct determination of risks to prevent terrorist financing operations.

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