Anti-money laundering law reforms require adjustments: ABM
- Jeziel Hernandez
- Jul 4
- 1 min read
They could consider reforming other legal frameworks such as the Law on Credit Institutions and the General Law on Securities and Credit Transactions.
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In an Open Parliament convened by the Justice Commission of the Senate Chamber to discuss the pending reforms to the Federal Law for the Prevention and Identification of Operations with Illicit Proceeds, José Luis Stein, coordinator of the Money Laundering Committee of the Association of Banks of Mexico (ABM), stated that the proposed changes are positive, but that adjustments are needed to enhance the project, including the regulation of trusts.
The representative of the ABM clarified that this is a fundamental and key issue, and that the winning formula is to work between authorities and regulated entities or obligated subjects under vulnerable activities to achieve the best results. He then made eight specific proposals; regarding the regulation of trusts, he explained that the initiative establishes that those who carry out vulnerable activities must designate a representative before the Ministry of Finance who will be responsible for compliance with the law, in order to provide greater legal security to all involved parties. However, it is important to make clear that this responsibility will not fall on the trustee, who, in the event of a possible lack of cooperation in terms of information, could be left defenseless. He also clarified that the person responsible for compliance should be the trustor, as they are the party with the most information about the object being pursued, and in their absence...
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