Mexico Puts Restrictions On Bank Deposits In U.S. Dollars
Posted By thestatedtruth.com on June 15, 2010
Mexico on Tuesday put a limit of 4,000 US dollars per month on bank deposits by individuals, a move meant to thwart drug traffickers who use the US currency to stash away their illicit profits.
Officials also imposed a limit of 7,000 US dollars for deposits by Mexican businesses making deposits in greenbacks.
Meanwhile foreigners who do not possess a Mexican bank account will be allowed to exchange no more than 1,500 dollars in cash, said Treasury Minister Ernesto Cordero, who said the measures are meant “to close off a pathway to illicit funds.”
The new law applies to currency exchange and cash deposits, but officials said no such limits would be placed on the purchase of dollars by individuals or businesses.
Cordero said billions of drug dollars — the currency of choice among traffickers — are deposited each year in Mexico’s banks, providing a vital lubricant to the country’s flourishing narcotics trade.
A report earlier this month found that Mexico’s banks unwittingly take in some 29 billion dollars in drug trafficking money each year, about 90 percent of which comes in small deposits.
http://news.malaysia.msn.com/business/article.aspx?cp-documentid=4152233
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