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Latino Daily News

Wednesday March 28, 2012

U.S. and Mexico Agree to Share $6 Million in Forfeited Assets from Money Transfer Business

U.S. and Mexico Agree to Share $6 Million in Forfeited Assets from Money Transfer Business

Photo: U.S. Mexico Share $6 Million Seized from Sigue

Click Here to Enlarge Photo

U.S. Attorney General Eric Holder and Mexican Attorney General Marisela Morales Ibáñez today signed a letter of intent for the United States to share approximately $6 million in forfeited funds to support Mexican efforts to combat the financial infrastructure of organized criminal groups.

In January 2008, Sigue entered into a deferred prosecution agreement with the Department of Justice on charges of failing to maintain an effective anti-money laundering program.  As a result, Sigue forfeited $15 million to the United States and agreed to commit an additional $9.7 million to improving its anti-money laundering program.

This initiative is designed to complement ongoing bilateral efforts to increase pressure on the economic resources of the criminal organizations that operate in Mexico and along the U.S./Mexico border.

The case, filed in the Eastern District of Missouri, arose out of transactions conducted by Sigue and its authorized agents from November 2003 through March 2005.  During this time, more than $24.7 million in suspicious transactions were conducted through registered agents of Sigue, including transactions conducted by undercover U.S. law enforcement agents using funds represented to be proceeds of drug trafficking.