According to the Federal Law on the Prevention and Identification of Operations with Resources of Illegal Origin (LFPIORPI), money laundering is the term that describes the various methods used by criminals to hide the true origin and ownership of the money they make. The crime it is used to legitimize the income from criminal activity and to obscure the financing of even clandestine activities such as terrorism. The evolution continues and the rapid development of laws and regulations against these practices in Mexico and worldwide, has given organizations a greater responsibility to prevent, detect and denounce money laundering.

To whom it is focused:

In addition to financial entities, both legal and natural persons and legal entities that carry out vulnerable activities, such as:

• Games with bet, contests and draws
• The issuance or commercialization, habitual and professional credit cards, service or pre-payment
• All those that constitute monetary value storage instruments
• The usual or professional issue or commercialization of traveler's checks
• Regular and professional offer of mutual or guarantee operations or granting of loans or credits with or without guarantee
• Regular or professional rendering of real estate construction or development services; intermediation in the transfer of ownership or constitution of rights over said assets, where purchase-sale operations are involved
• Commercialization, intermediation or habitual or professional auction of precious metals, precious stones, jewelry, watches or works of art, in which purchase-sale operations are involved
• Professional commercialization or distribution of new or used air, sea or land vehicles
• Regular or professional provision of shielding services for land vehicles, new or used, as well as real estate
• Transfer services or custody of money or securities
• The reception of donations by non-profit associations and societies
• Constitution of personal rights of use or enjoyment of real estate (all types of leases)

In Russell Bedford we offer practical and personalized support to propose real solutions, as well as provide you with our experience and adequate tools to ensure compliance with your obligations.