MEXICAN AUTHORITIES MAY FREEZE BANK ACCOUNTS WITHOUT COURT ORDER UNDER NEW LAW

On 20 November, bnamericas reported that Mexico’s congress is poised to approve a Bill that would give the federal government’s financial crimes unit the ability to freeze bank accounts without a court order in suspected cases of money laundering and financing of terrorism.  The proposed legislation, dubbed the Ley Nieto, is viewed by proponents as a powerful tool that will help the country comply with stringent international AML/CFT guidelines established by FATF.  The UIF said that there are $99 million in blocked bank accounts that have not been claimed by any individual, adding that it believes it has blocked accounts holding 1 billion pesos tied to the infamous Jalisco Nueva Generación cartel, as well as 1,300 accounts held by 14 criminal organisations frozen in the so-called Operation Zócalo.

https://www.bnamericas.com/en/news/mexican-authorities-may-freeze-bank-accounts-without-court-order-under-new-law

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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