Mexico Attorney General, in preparation for the International Seminar on Corruption and Money Laundering, is reporting that money laundering in Mexico has reached $10 billion.
In the last 15 years money laundering in Mexico has grown and continues to seep into the country’s formal economy. Mexican officials are currently reviewing new legislation to fight money laundering more effectively.
The legislation introduced by President Felipe Calderon would make it illegal to buy real estate with cash, and limit the purchase of luxury goods with cash.
U.S. officials put the amount laundered in Mexico much higher than $10 billion but rather in the range of $18 billion to $39 billion each year.