On his first day of mandate, the president of the United States signed an executive order for designate cartels as foreign terrorist organizations under the National Emergency Declaration in accordance with the International Emergency Emergency Powers Law (IEEPA) and the Immigration and Nationality Law (INA), and the objective of dealing with the threats of cartels and end the presence of these United States organizations.
The process begins with this document, as of January 20, and the Secretary of State, in consultation with the Secretary of the Treasury, Attorney General, Secretary of National Security and the Director of National Intelligence, will take the measures to make a recommendation with Regarding the designation of any cartel, the document refers.
If these actors think favorably, “we must notify the Congress, which has seven days to eventually deny approval, if the Congress will not pronounce, the approval is given and a notice is published in an American Federal Registry on terrorist organizations, then It comes to light, the effective designation, ”said Sandro García-Rojas Castillo, founding partner of Lex Quo Group and international consultant.
This will have important implications, especially for the financial system, “nothing else for banks, because most likely the banks of the United States will strengthen their controls, because they give the correspondent banking services, if you do not have the service of A correspondent banking in Mexico is difficult for you to make an international transfer. The banks that provide this correspondent account (to other banks) must be very careful that these banks (the Mexicans) meet the standards that they themselves ask, so you cannot relax your controls, ”added García-Rojas.
What worries among the financial sector is that in Mexico it is more accustomed to the provisions in money laundering, focused on the destination of money, but not those focused on terrorism financing, which attend the origin of money.
“The difference sounds subtle, but control measures are needed in very different financial institutions to identify each other. In money laundering there are large fines, but with terrorist financing there is a pecunarious fine, also freezing of assets, and even possible prison for a long period, then if foreign banks do not feel calm with the operation of Mexican banks, they simply do not go To operate with Mexican banks, ”said Víctor Manuel Herrera, president of Economic Studies of the Mexican Institute of Finance Executive (IMEF).
The above would also represent a risk for international trade companies that operate in Mexico, as they would United States of the OECD International Agreement seeking Minimum 15% taxes on multinational profits after the objective that the effective rate that applies in the US is lower to this percentage, considered Gloria Rocío Estrada Antón, president of the Technical Foreign Trade Commission of the College of Public Accountants of Mexico (CCPM).
