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Money Laundering -Mexico amounted to 872 billion dollars between 1970 and 2010,

30 Jan
International Money Laundering Mexico
International Money Laundering Mexico

WASHINGTON, UNITED STATES (29/ENE/2012) .- illicit financial flows coming from Mexico amounted to 872 billion dollars between 1970 and 2010, equivalent to an average of 5% of its gross domestic product.

Global Financial Integrity, an organization in the U.S. dedicated to promoting stricter policies against international money laundering, said in a report released Sunday that the figure seen was conservative because, it excludes cash transactions such as trafficking in drugs or people.

When choosing Mexico as a case study 2012, the organization said that illicit flows from the surcharge and smuggling represent an unreasonable burden for a developing nation. He explained that these flows “deprived of funds needed for economic development and reduce tax revenue the government needs to fund schools, hospitals, infrastructure, poverty alleviation and the fight against cartels.”

He noted that “illicit flows lead the underground economy and contribute to the deterioration of economic governance.” The organization argued that for these reasons “the fight against illicit financial flows have a positive impact in reducing corruption and criminal activity throughout the country.

In order to combat the premium, which causes 75% of the Total illicit flows in the period analyzed, Global Financial Integrity recommended that the authorities require the use of computer programs to detect import and export prices from international standards and that the parties agree in writing not to incur extra cost when conducting a cross-border transaction.

To reduce illicit capital flight, the group stressed the desirability of expanding the double taxation agreements, require automatic exchange of tax information and cross-border corporate and personal account information, improve supervision to reduce the tendency for bribery and monitor irregular financial centers.

The annual illegal flow rose from one billion dollars in 1970 to 68 Billion dollars in 2010, after peaking at 91 billion dollars in 2007, said the document.

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