Markets Wired

WASHINGTON — Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Mexico’s Deputy Minister of Finance and Public Credit Gabriel Yorio met on April 15^th to discuss bilateral cooperation to combat illicit finance, following their meeting in December during Secretary Yellen’s trip to Mexico. Under Secretary Nelson and Deputy Secretary Yorio advanced conversations and collaboration on strengthening information sharing efforts between the two governments and with the private sector to address anti-money laundering/countering the financing of terrorism (AML/CFT) priorities and challenges, in accordance with the law of both countries. Deputy Secretary Yorio and Under Secretary Nelson agreed to build on existing information sharing efforts on the laundering of illicit proceeds focusing on the following priority threats: 

• Narcotics trafficking, including the trafficking of fentanyl
• Corruption
• Arms trafficking
• Human trafficking/human smuggling
• Fraud

Under Secretary Nelson noted that Treasury encourages U.S. financial institutions to continue to use, and potentially expand, their existing processes to gather and share information with foreign financial institutions in furtherance of investigations that involve illicit cross-border activity. Deputy Secretary Yorio highlighted the commitment to foster information sharing between private sector entities and emphasized the support that Mexico has given to information-sharing mechanisms between Mexican and foreign banks and among Mexican banks. The legal framework for such mechanisms has been developed through regulatory updates and regular communication with the banks, which are key allies in combating illicit finance flows. 

###