President Enrique Pena Nieto sent an initiative to the Congress of the Union in order to strengthen the actions against money laundering, and terrorism and its financing, which address recommendations of the Financial Action Task Force on Money Laundering.
The initiative, which was sent to the Commission of Justice from the House of Deputies, aims at providing more tools to the Public Prosecutor’s office to punish those who conduct transactions with the proceeds of illicit activity.
The initiative adds to the Federal Penal Code a new criminal offense of engaging in dummy operations (el testaferrato), when an individual allows his name to be used to acquire resources, rights, or property that are derived from or the proceeds of illegal activity.
For analysis on whether the new initiative represents a sea change in Mexico’s approach to money laundering, see this post.
