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FATF recognizes Mexico's fight against money laundering, regulator says


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FATF recognizes Mexico's fight against money laundering, regulator says

The intergovernmental organization Financial Action Task Force, or FATF, has recognized Mexico's effort and fight against money laundering, Sandro García-Rojas Castillo, director at banking regulator CNBV, told reporters in a conference on Latin American financial crimes, according to a report in El Economista.

As a result, García-Rojas Castillo, who heads CNBV's anti-money laundering division, expects that FATF will approve Mexico's compliance and effectiveness in anti-money laundering, but said there are still areas to improve that the international organization will undoubtedly point out in late October when FATF's evaluation is presented.

FATF's evaluation will be more focused on effectiveness than compliance, however, Adrián Sánchez Bolaños from risk solutions company Lexis Nexis said, as even though Mexico's has made an effort in identifying crimes it still lacks more access to public information to make those measures more effective.