Unconstitutionality of Article 115 of the Credit Institutions Law

Publicada en Deja un comentarioPublicada en Anti-Corruption, Anti-Money Laundering Law, English

Unconstitutionality of Article 115 of the Credit Institutions Law On October 4, 2017 the Federal Supreme Court of Justice, ruled on the Amparo action number 1214/2016, declaring the unconstitutionality of Article 115 of the Credit Institutions Law, which authorizes the Ministry of Finance to block bank accounts of taxpayers for alleged money laundering and terrorist […]

Updating of the Financial Intelligence Unit´s Interpretation on Outsourcing Matter

Publicada en Deja un comentarioPublicada en Administrative, Anti-Money Laundering Law, English

The Mexican Financial Intelligence Unit (“UIF” for its acronym in Spanish), of the Treasury Ministry issued an interpretation regarding Outsourcing matter. The UIF considered this kind of activity, outsourcing, as a Vulnerable Activity under the Federal Act to Prevent and Identify Illegally-Funded Transactions, and therefore, subject of identification and reporting obligations. To the query formulated […]

Financial Intelligence Unit´s Interpretation on Outsourcing Services

Publicada en Deja un comentarioPublicada en Administrative, Anti-Money Laundering Law, English

Recently, the Mexican Financial Intelligence Unit (“UIF” for its acronym in Spanish), of the Treasury Ministry issued an interpretation regarding Outsourcing services. The UIF considered Outsourcing Services as a Vulnerable Activity under the Federal Act to Prevent and Identify Illegally-Funded Transactions (“Act”) According to the referred interpretation, the render of independent professional services, on behalf […]