Mexico pledges own anti-money laundering list like US kingpin designation

Published January 08, 2015

Mexico says it will fight money laundering by using "kingpin" lists like those issued by the United States.

Mexico had long been criticized because businesses designated by the U.S. Treasury Department as laundering conduits often continue to operate in Mexico.

Mexican officials had complained the U.S. lists didn't include evidence that would convince courts to shut down the companies.

But recent Mexican financial-sector reforms will allow officials to ban bank transactions without the need to seize or convict the company.

Finance Secretary Luis Videgaray said over the weekend at a conference in Washington that Mexico's government will prohibit financial transactions by individuals or firms allegedly involved in money laundering or financing terrorism.

Videgaray said those transaction bans will be based on U.S. and United Nations' lists and Mexico's own designations.

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