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Mexico's CNBV readies rules to prevent corruption-linked money laundering

Mexico's banking and securities commission, the CNBV, is readying new rules that seek to tighten controls in an effort to prevent corruption-related money laundering, El Economista reported.

The CNBV is looking to publish the rules in the second quarter of 2018, José Luis Ortiz Guzmán, the regulator's deputy general director of operations prevention, told the publication.

The measure comes in response to observations from intergovernmental body FATF, which warned that Mexico faces a significant risk of money laundering from activities such as organized crime, tax evasion and corruption.

Although the financial sector demonstrates a good understanding of the main threats to money laundering by organized crime groups, the sector's recognition of corruption as a main threat to money laundering is "irregular and insufficient," FATF said.

FATF recommended that Mexican authorities improve financial institutions' understanding of money laundering risks generated by corruption as well as their capacity to manage said risks.