Mutual Evaluation of Mexico: 7th Follow-up Report

Follow-up report to the mutual evaluation of Mexico

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In February 2014, the FATF recognised that Mexico had made significant progress in addressing the deficiencies identified in its 2008 mutual evaluation report and could be removed from the regular follow-up process1.

Mexico was placed in the regular follow-up process as a result of partially compliant (PC) and non-compliant (NC) ratings for certain core and key Recommendations in its mutual evaluation report of October 2008.  Since then, Mexico has focused on correcting these deficiencies as well as enhancing the effectiveness of the anti-money laundering / countering the financing of terrorism (AML/CFT) regime as a whole.

The February 2014 follow-up report ‌ contains a detailed description and analysis of the actions taken by Mexico to remove the deficiencies identified in respect of the core and key Recommendations rated PC or NC in the 2008 mutual evaluation report.

Key measures that have been taken include:

  • Amending the Federal Criminal Code, and other laws and regulations to criminalise money laundering and the financing of terrorism consistent with the FATF standards.
  • Improving the efficiency of the prevention and combating of money laundering.
  • Establishing all necessary obligations, including financial supervisory and customer due diligence requirements, for financial institutions.
  • Incorporating designated non-financial businesses and professions as well as other ‘risky’ businesses and professions into the AML/CFT regime.
  • Establishing an asset freezing regime for terrorists, those that finance terrorism, and money launderers.
  • Enhancing the effectiveness of the judicial system.

1. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009.

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