The bill, debated for more than two years with input from Mexican and international experts in the field, is aimed at weakening the financial structures of drug-trafficking and organized crime syndicates and bringing Mexican law into line with global standards.
It commits Mexico to work with the international community to curb money laundering and strengthens the government’s tools for combating this crime, the chair of the Senate governance committee, Cristina Diaz, said after the vote.
The main purpose of this legislation is to detect the approximately $40 billion in annual proceeds from organized crime activities, Sen. Alejandro Encinas said…
It also imposes controls on real-estate construction and development services and the sale of jewelry, artwork, boats and planes.
It prohibits the use of cash for real-estate transactions of more than 1 million pesos ($77,519) and vehicle purchases that exceed 200,000 pesos ($15,504).
In the case of jewelry, precious metals, watches, precious stones and artwork, cash payments will not be allowed for purchases totaling more than 300,000 pesos ($23,256).
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