Open Parliament on reforms to the Law for the Prevention of Operations with Resources of Illicit Origin concludes
13 mayo 2021

MEXICO

On May 12, the Open Parliament organised by the Financial Intelligence Unit (UIF in Spanish) along with the Transparency and Anti-Corruption Committee of the Chamber of Deputies on future reforms to the Law for the Prevention and Identification of Operations with Resources of Illicit Origin came to an end. At the event, the Congress of the Union was urged to make progress in the bills under consideration to prevent money laundering. UIF also participated in the Third High Level Dialogue on Justice and Security between Mexico and the European Union (EU) where Mexico’s efforts to prevent money laundering and financing of terrorism were discussed.

On the occasion, Santiago Nieto, head of the UIF, declared that the prevention of money laundering and the fight against the financing of terrorism is “very important” for the entity he presides, which is why it is “fundamental to enrich and advance on the reforms presented in the Chambers of Deputies and Senate to be able to regulate these illegal financial practices more adequately”.In this way, Mexico could present to the FATF in June 2021 the request for the country’s re-qualification in the fight against money laundering and the financing of terrorism.

Meanwhile, Omar Mariano Torres López Lena, assistant general director of the National Banking and Securities Commission (CNBV in Spanish), said that when trying to implement the GAFI recommendations in the financial system, “complications” can arise in terms of effectiveness. He says that having metrics in the financial system of vulnerable activities and having risk assessments of illicit practices in these activities is fundamental to “protect the financial system from fraud”. 

Dr. David Merino, an analyst at the Public Policy Lab on Digital Regulation of the Transparency and Anti-Corruption Committee of the Chamber of Deputies, mentioned issues to be improved in regulatory matters in a future reform on money laundering. Among them, he states that it is necessary to regulate virtual assets, given that operations with them can “disguise” illicit financial operations. At the same time, he says that it is necessary to control the purchase and sale of databases, given that they can be a “screen” for illegal money transfers into the financial system.

Santiago Nieto also participated in the Third High Level Dialogue on Justice and Security, where he stressed the importance of continuing to consolidate collaboration between Mexico and the EU in the fight against money laundering, through the promotion of international cooperation as a major tool for achieving global social and economic development. In this way, he requested the creation of a joint working group “to continue to fight money laundering crimes and corruption”. He also remarked on the importance of exchanging experiences, disseminating best practices, as well as the strategic use of financial intelligence to reduce illicit financial flows.

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