Sign in to comment!

Menu
Home

World

Mexican president signs money-laundering law banning large cash transactions

Mexican President Felipe Calderon has signed into law a ban on large cash transactions as part of an effort to fight money laundering that experts estimate may amount to around $10 billion per year in Mexico.

The bill forbids buyers and sellers from giving or accepting cash payments of more than a half million pesos ($38,750) for real-estate purchases. It also forbids cash purchases of more than 200,000 pesos ($15,500) for automobiles or items like jewelry and lottery tickets.

The fact that the law took two years to move through Congress illustrates the sensitive nature of such rules in a society where small businesses and retailers, as well as gangsters, have long conducted many of their transactions in cash. It goes into effect in about 90 days.

See the latest updates on the hottest midterm races from Fox News

Full Elections Coverage →

Keep up with all the 2014 races in

Coverage →