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Mexico; United States: Agreement on Money Laundering and Terrorism Financing

(Nov. 8, 2013) The Mexican National Banking and Security Commission (CNBV) signed a Memorandum of Understanding with the U.S. Financial Crimes Enforcement Network (FinCEN) for the exchange of information on money laundering and terrorism financing. (Mexico y EU Firman Acuerdo Sobre Lavado de Dinero, EL UNIVERSAL (Oct. 30, 2013).)

The CNBV stated that the main objective of the agreement is cooperation to protect the integrity of the international financial system from any actions of organized crime, through the sharing of information to support the two agencies’ missions and objectives in the prevention of money laundering and terrorism financing. (Id.)

The CNBV also stated that the signing of the document is particularly relevant, because it is the first agreement with FinCEN, a U.S. Treasury Department agency with the authority to exchange information in the supervision of actions to stem money laundering and the financing of terrorism. (Id.) As a result of the agreement, both countries are expected to have more precise and clear visions of the vulnerable areas in their financial systems, areas that can be exploited by transnational criminal organizations or other illicit actors. (Id.)