The Los Angeles Times reports that if a new U.S. administration blocks the flow of remittances — the estimated $20 billion that Mexicans working in the U.S. send home each year — then joint efforts to stop money laundering and other illicit forms of finance will be dealt a dangerous setback, a senior Mexican official said on Thursday May 12.
Donald Trump, the presumptive Republican presidential nominee, has vowed, if elected, to make Mexico pay to build a wall along the entire southwest border, even if it means impounding remittance payments.
Fernando Aportela, Mexico’s deputy secretary for finance, said any attempt to seize remittances would force Mexicans to hide and smuggle their money, sending them into the shadows of illegality just as Mexican and U.S. officials are working to make money flows more transparent.
Aportela spoke at a forum on how the U.S. and Mexico have rewritten laws and shared information in an effort to stop money laundering and the movement of funds by organized crime, drug traffickers and other criminals.
He was asked whether attempts to confiscate remittances would be legal. Trump’s name was not mentioned.
Aportela and Daniel Glaser, an assistant secretary of the Treasury in charge of blocking terrorist financing, said the two governments have made progress in plugging holes in international banking and finance systems that allow criminals to move their money and pay for illicit operations.
Mexican officials have repeatedly rejected Trump’s campaign pledge, saying they have no intention of building or paying for a border wall.
A Trump administration could impose regulatory and logistical obstacles to transferring money to Mexico, just as the U.S. has done for terrorism financing. But doing so probably would face challenges in the courts and strong resistance from banks and financial institutions that make money off the transfers.
more recommended stories
Animal trafficking in Yucatan
The traffic of endangered species in.
City of Mérida analyzes the use of electric carriages
The City of Mérida will conduct.
Mexican Nopal: superfood auxiliary in the control of diabetes and hyperglycemia: IMSS
“Cactus (Nopal) consumption is auxiliary to.
7 advantages of using a VPN
While many of us use the.
Hyundai chooses Mérida to open its first virtual store in the Americas
The Korean auto firm Hyundai opened.
A throng of Central American migrants continues their trek toward the U.S. border across southern Mexico
According to the USA Today, an estimated 5,000.
Yucatán’s Legislative Building lights up in pink for Breast Cancer Awareness Month
In October, the month of the.
Cancun’s Nichupté and Bojórquez lagoons to be cleaned up
“A project to clean up the.
Willa is rapidly intensifying on its direct path to Mexico’s Pacific coast as an ‘extremely threatening’ Category 5 hurricane
Hurricane Willa is expected to produce.
The Importance of Renovation or Construction Contracts in Mexico
Building a new home or renovating.