The Financial Action Task Force (FATF) has published the 3rd Enhanced Follow-Up Report (FUR) for Mexico. Since the FATF’s assessment of Mexico’s AML/CFT framework in 2018, the country has improved its measures.
Acknowledging the progress that Mexico has made since the adoption of its mutual evaluation report, the FATF has re-rated the country on the five Recommendations. The authority has re-rated the country from partially compliant to largely compliant on Recommendation 8 (non-profit organizations) and Recommendation 10 (customer due diligence). Meanwhile, on Recommendation 12 (politically exposed persons), 16 (wire transfers) and 17 (reliance on third parties), the FATF has re-rated Mexico from partially compliant to compliant.
The FATF also evaluated if Mexico fulfilled the requirements of the new FATF Recommendations that have been instated since the mutual evaluation in 2018. Among these new Recommendations, the FATF has re-rated Mexico to largely compliant on Recommendation 15 (new technologies).
Overall, as per the new FATF FUR, Mexico is compliant on 8 and largely compliant on 22 of the 40 Recommendations. Meanwhile, the country is partially compliant on 9 Recommendations and non-compliant on the last one. Finally, the FATF has asked Mexico to continue reporting its progress to the FATF.
Source: FATF