Mexico’s Finance Ministry and US Treasury Tighten Clamp on Transnational Network; Mexico to Expand Freezes and Money Laundering Complaints
The Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit, together with the US Department of the Treasury—through OFAC and FinCEN—have launched coordinated actions to disrupt the financial structure of a criminal organization operating across multiple jurisdictions. As part of the joint operation, 19 targets—10 individuals and nine companies—linked to drug trafficking, money laundering, and asset concealment were designated. In parallel, the UIF identified 10 additional individuals with financial activity in Mexico who will be added to the List of Blocked Persons (LPB) and reported to the Attorney General’s Office for offenses related to the use of illicit funds, in addition to notifying the Treasury Prosecutor’s Office for possible tax offenses and use of shell companies.
According to the Finance Ministry, the criminal network relies on complex structures to disguise the origin and destination of funds: setting up companies with fake operations, acquiring real estate through third parties, handling assets via digital platforms, and disseminating funds internationally to reduce traceability. The analyzed reports indicate activity in Canada, the United States, Colombia, Italy, the United Kingdom, and Mexico, with resource triangulation and coordinated use of corporate entities in different countries to move and manage assets with a veneer of legitimacy.
This financial offensive is part of a growing bilateral cooperation agenda, increasingly significant due to the impact of organized crime on cross-border financial flows. An OFAC designation results in asset freezes under US jurisdiction and prohibits US persons and entities from conducting transactions with those listed. In Mexico, regulated financial institutions typically strengthen controls and replicate freezes due to their exposure to international correspondent banks, while the UIF maintains an LPB that triggers preventive measures and heightened reporting to the National Banking and Securities Commission.
The effort comes at a time of heightened scrutiny of Mexico’s financial system, driven by the rise in remittances—which hit historic highs in 2023 and continue to climb in 2024—the expansion of the digital economy, and the push from nearshoring. These factors have led to more transactions, new correspondent relationships, and greater capital inflows into manufacturing, logistics, and real estate, raising the demand for anti-money laundering controls in banks, fintechs, and sectors labeled as “vulnerable activities,” such as real estate, jewelry, and notarial services.
Mexico is a member of the FATF and has been adjusting its regulatory framework to strengthen identification of ultimate beneficial owners, risk-based due diligence, and oversight of tech institutions. The Federal Law for the Prevention and Identification of Transactions with Illicit Funds, as well as regulations for financial and fintech institutions, require reporting of unusual and significant transactions, verifying identities, and monitoring transfers. The Finance Ministry emphasized that information exchange with the US Treasury aims to dismantle international dispersion schemes and safeguard formal intermediaries.
Operationally, the measure anticipates a heavier compliance burden in transactional monitoring, know-your-customer processes, and list screening—especially in international transfers and real estate transactions. Greater use of analytic models and massive data cross-checks to spot triangulation patterns are also expected. The challenge will be to balance effective controls with service continuity for legitimate users and minimize false positives, a recurring demand from the private sector.
Legally, debate continues over the scope of administrative account freezes. The Supreme Court has restricted authorities’ powers in recent years, leading agencies to adjust procedures and strengthen coordination with the Attorney General’s Office and tax authorities to support cases in court. The consolidation of beneficial ownership registries and interoperability between public and private databases are key fronts to provide evidentiary support for complaints.
Looking ahead, analysts anticipate that Mexico–US cooperation will remain focused on financial traceability, crypto-transactions, and digital payment services, while standards are reinforced in anticipation of international evaluations. If current actions succeed in disrupting illicit flows without hindering legitimate intermediation, they could boost perceptions of the financial system’s integrity and sustain investment appetite tied to North American supply chain realignment.
In summary, the coordinated freeze of 19 targets and the upcoming addition of 10 more to the LPB reflect a more sophisticated, binational financial intelligence strategy. Its success will rely on the ability to build cases with solid evidence, improve supervision quality, and maintain a balance between risk control and operational efficiency.
