The Financial Action Task Force (“FATF”) has published its follow-up report on Mexico’s progress in strengthening measures to tackle money laundering and terrorist financing.

The report analyses and re-assesses Mexico’s progress in addressing the technical compliance deficiencies first identified in its 2017 Mutual Evaluation Report.

  • On Recommendation 18 regarding internal controls and foreign branches and subsidiaries, Mexico has been re-rated from Partially Compliant to Largely Compliant;
  • On Recommendation 24, regarding transparency and beneficial ownership of legal persons, Mexico has been re-rated from Partially Compliant to Largely Compliant

Of the 40 Recommendations, Mexico currently has:

  • 10 Recommendations rated Compliant;
  • 24 Recommendations rated Largely Compliant;
  • 5 Recommendations rated Partially Compliant and 1 rated Not Compliant

Mexico will report back to the FATF on progress achieved in improving the implementation of its AML/CFT measures.

Firms with operations in or exposure to Mexico should read the FATF report to gain further insights into the changes, alongside the progress that Mexico continues to make in addressing its ML/TF technical deficiencies.

https://www.fatf-gafi.org/content/fatf-gafi/en/publications/Mutualevaluations/fur-mexico-2023.html

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