Last month the Pew Research Center published a report on Mexican migration to the US which stated “Net Migration from Mexico Falls to Zero and Perhaps Less”. Roughly at the same time the Central Bank of Mexico released his Q1 data showing that remittances from Mexicans living abroad climbed 5.3% in the first quarter, compared with the same period in 2011.
A number of people have been asking why is that happening. If migration from Mexico has stopped, don’t remittances supposed to be decreasing? Why are remittances to Mexico Increasing? Is there a compliance risk here?
Nothing is certain and there are a number of possible explanations. The Inter-American Dialogue in Washington published in its Financial Services Advisor April 26 – May 9 issue , a Q&A article in response to the question: “What Is Driving New Growth in Remittances to Latin America?.
Several of us contributed to the comments that were printed. A number of you ahve asked me for an explanation to the comments I made and I decided to elaborate on them, especially because this is the questions that we will be asking at the IMTC WEST 2012 Conference in L.A. at the end of the month. There will be two panels on this issue, one from a business perspective and the other from the compliance perspective.
For the compliance perspective, the panel entitled “The US-Mexico Border Region: How the US & Mexico are fighting money laundering and its implications to Money Transfer & Foreign Exchange Companies in the US and the world” we will have Cameron Holmes from the US side and Ramon Garcia Gibson from the Mexican side.
LinkedIn AML group Source: here
Direct link to the report: here