Three stages of money laundering
The CNBV identifies three stages of money laundering: placement, stratification and integration.
Placement: Introducing money into the financial system, usually through small amounts or piecemeal transactions. For example: cash deposits in banks and investment in financial instruments.
Layering: This involves moving money through a series of complex transactions, such as transfers between accounts, investments or purchases, to make it difficult to trace. For example: bank transfers, purchase of real estate or luxury goods.
Integration: This involves reintegrating the laundered money into the formal economy, making it appear legitimate, often through investments or asset purchases. Examples include a network of front companies; the sale of a yacht that was acquired at the layering stage.
Laws in Mexico for money laundering
The CNBV points out that in Mexico the criminal offense of “operations with illicit proceeds” is provided for in article 400 Bis of the Federal Penal Code.
And within the Powers of the Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit, its internal regulations include the Federal Law for the Prevention and Identification of Operations with Illicit Proceeds (LFPIORPI).
The purpose of this Law is to protect the financial system and the national economy by establishing measures and procedures to prevent and detect acts or operations involving resources of illicit origin.
The UIF indicates that these are the institutions subject to the regime for the prevention of money laundering and financing of terrorism:
Supervisory Bodies: CNBV, National Insurance and Finance Commission (CNSF): Supervises insurance and surety bond operations and National Retirement Savings System Commission (CONSAR).
Subject institutions: Banks, financial companies, exchange houses and centers,
Multiple Purpose Financial Companies and Insurance and Surety Agents.
