Mexico removes limits on monthly US dollar cash deposits by businesses in border region

MEXICO CITY – The Mexican government says it will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements.

President Enrique Pena Nieto says the $14,000 monthly cash deposit limit set in 2010 by the previous administration to fight the laundering of drug money has hurt honest businesses.

Pena Nieto announced the change Friday.

He says companies on Mexico's border with the United States won't be limited on cash deposits if they can show they have been established for at least three years, they allow authorities to monitor financial transactions and they prove they need to make deposits larger than $14,000 a month to operate.