Mexico City — Senator Anahí González celebrated the Senate's approval of a major reform to Mexico's Anti-Money Laundering Law, calling it a decisive step to curb corruption and strengthen the national economy.
Stricter Financial Controls Implemented
The reform introduces stringent measures to prevent illicit financial activities, including a ban on cash purchases of real estate exceeding undisclosed thresholds without proof of funds' origin. "From now on, no one will be able to buy a house with millions in cash without justifying where that money came from. We all know that dirty money comes from corruption, crime, or the suffering of the Mexican people," declared González, a legislator representing Quintana Roo.
She emphasized that the reform aligns with the "Revolution of Well-Being," an initiative aimed at blocking illicit funds that harm the country. Key provisions include:
- Expanded authority for Mexico’s Financial Intelligence Unit (UIF) to investigate suspicious transactions.
- Mandatory reporting of unusual financial activities by banks and businesses.
- Advanced technology integration for real-time detection of financial crimes.
- Tighter oversight of high-risk sectors, including cryptocurrencies, real estate, and trusts.
- Requirements to identify the true beneficiaries of funds, even if intermediaries are used.
Closing Legal Loopholes
The legislation addresses previous gaps that enabled corruption and organized crime, aiming to create a more transparent and secure financial system. "In the second phase of the Fourth Transformation, we are safeguarding the economy and building a fairer Mexico for all," González concluded.
The reform follows increasing scrutiny of financial crimes in Mexico and seeks to modernize enforcement mechanisms to combat money laundering more effectively.
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