Financial Crimes in US-Mexico Relations Take Center Stage as Countries Commit to Anti-Corruption Efforts

Mexico City - In a significant move aimed at tackling financial crimes and corruption, the United States and Mexico have agreed to establish a working group focused on anti-corruption efforts. The commitment was made during the recent Strategic Dialogue on Illicit Finance (SDIF) meeting, which brought together senior officials from both countries.

Background

The SDIF meeting, co-chaired by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg and Mexico’s Financial Intelligence Unit (UIF) Director Pablo Gomez Alvarez, marked a significant step forward in the two countries’ efforts to combat illicit finance. The US delegation included representatives from the Department of Justice, Internal Revenue Service, and other government agencies.

Key Takeaways

• The meeting comes at a critical time, as both countries face mounting concerns over financial crimes, including narcotics smuggling, human trafficking, corruption, and virtual assets.
• Assistant Secretary Rosenberg emphasized Treasury’s commitment to working with Mexican partners to target the financial networks of transnational criminal organizations and corrupt individuals.
• Officials also agreed to revitalize joint work to target human traffickers and trade-based money launderers, who pose a significant threat to both countries.

Anti-Corruption Efforts

The commitment to anti-corruption efforts is in line with the Biden Administration’s December 2021 “U.S. Strategy on Countering Corruption” and the Treasury Department’s current efforts to address public corruption. The working group will focus on developing a high-level strategic response to public corruption, building on the US-Mexico Bicentennial Framework and ongoing anti-money laundering and countering the financing of terrorism (AML/CFT) goals.

Future Cooperation

The move is seen as a significant step forward in the fight against financial crimes and corruption, and officials are hopeful that it will lead to greater cooperation and information-sharing between the two countries. The SDIF dialogue has been an important bilateral operational forum for law enforcement and anti-money laundering (AML) supervisory and policy officials since its establishment in 2014.

Conclusion

The first in-person gathering since the start of the COVID-19 pandemic, the meeting marked a significant milestone in the US-Mexico relationship. Officials are looking forward to continued cooperation and information-sharing to combat financial crimes. The commitment to anti-corruption efforts is a crucial step towards building a stronger and more effective partnership between the two countries.