FinCEN Holds Cross-Border Roundtable in Mexico City to Combat Illicit Finance

Collaborative Effort between US and Mexican Governments

In a bid to combat illicit finance, officials from the Financial Crimes Enforcement Network (FinCEN) held a cross-border roundtable in Mexico City on August 4, 2023. This event marked a significant step forward in the ongoing collaboration between the US and Mexican governments to address shared priorities such as combating drug trafficking, human smuggling, and other predicate crimes.

Public-Private Exchanges Crucial for Combating Illicit Finance

According to FinCEN Acting Director Himamauli Das, public-private exchanges are crucial in protecting taxpayers and businesses in both the US and Mexico. “Exchanges between financial institutions and government agencies in both countries are critical to identifying and disrupting transnational fentanyl trafficking and human trafficking schemes, including Chinese money laundering networks,” he said.

Priorities for Combating Illicit Finance

The roundtable allowed participants to share their approaches and priorities for combating the misuse of the financial sector for drug trafficking and other crimes. Disrupting the flow of funds related to corruption and illegal trafficking is a top priority for the US Treasury Department, which has identified countering illicit finance as a critical pillar in its National Drug Control Strategy.

Key Takeaways

• The roundtable brought together financial institutions, regulators, financial intelligence units, and law enforcement agencies from both countries to discuss shared priorities.
• FinCEN Acting Director Himamauli Das emphasized the importance of public-private exchanges in combating illicit finance.
• Disrupting the flow of funds related to corruption and illegal trafficking is a top priority for the US Treasury Department.

United States-Mexico Strategic Dialogue on Illicit Finance

Following the roundtable, FinCEN Acting Director Das joined Assistant Secretary Elizabeth Rosenberg at the annual United States-Mexico Strategic Dialogue on Illicit Finance. This event was co-hosted by the US Department of the Treasury’s Terrorist Financing and Financial Crimes unit and Mexico’s financial intelligence unit.

Key Issues Discussed

• Fentanyl precursor supply chains
• Human smuggling and trafficking
• Professional trade-based money laundering
• Fraud

Goal of US-Mexico Collaboration

The US-Mexico collaboration is aimed at degrading and disrupting transnational criminal organizations that traffic illicit drugs, with the ultimate goal of protecting taxpayers and businesses in both countries. The event marked a significant step forward in the ongoing efforts to combat financial crimes in Mexico, highlighting the importance of public-private partnerships in identifying and disrupting illegal financial activities.