Mexico is expected to unveil a host of new regulations to combat money laundering and terrorist financing in February when a mission from the Financial Action Task Force visits the country to assess efforts to prevent the financial crimes.

Those regulations will likely make financial institutions across the country focus on the risks and steps needed to prevent illicit transactions, El Economista reported, citing former officials and analysts.

The Financial Action Task Force, or FATF, is scheduled to visit Mexico in February and March to conduct its first assessment of Mexico's efforts in three years.

In February 2014, the FATF took Mexico off its list of countries needing regular review and follow-up after noting the significant progress the country had made. Those improvements included legal changes to criminalize money laundering and terrorism financing in line with FATF standards, judicial reform, stepping up prevention efforts and establishing a process to freeze assets.

Mexico took those actions following a 2008 FATF evaluation that had noted a number of deficiencies in Mexico's efforts to prevent the financial crimes.