mexico panama papers

Mexico widens tax evasion probe in wake of Panama Papers

Mexico is widening a probe into tax evasion by requiring banks to hand over names of local clients with transactions in tax havens, documents showed, weeks after the “Panama Papers” cast a spotlight on how the world’s rich and famous stash their wealth.

In a letter this year, Mexico’s tax authority SAT asked banking regulators to compel banks and brokerages to provide a list of clients who made transactions or investments in over 100 jurisdictions.

“To comply with its fiscal responsibilities over resident taxpayers with presumed financial assets in countries designated as ‘tax havens’, SAT … requires information and documentation to plan and schedule tax examinations of those taxpayers,” the letter reviewed by Reuters said.

Reuters was not able to verify the date that the letter was sent, but a source familiar with the matter said it was dated last month.

SAT and Mexico’s banking authority CNBV declined to comment.

Governments worldwide have begun cracking down on tax evasion since early April when reports based on an 11.5 million-document leak from Panamanian law firm Mossack Fonseca shed light on schemes used by the rich to skirt taxes.

SAT chief Aristoteles Nunez said last month that authorities were investigating 33 people mentioned in the “Panama Papers” for possible tax evasion or financial crimes.

In a statement earlier this week, SAT said it would also probe people and companies named in a subsequent publication.

A separate letter from Mexico’s banking regulator to a brokerage asks the firm to comply with the massive information request in 15 working days. If it fails to comply, it could face fines or temporary closure, according to a law cited in the letter.

A source familiar with the matter said some banks received a similar letter last month.

Many of the jurisdictions listed in the letter from SAT, including Anguilla and Belize, are on the OECD’s 2000 tax haven list. But the list also includes Ireland and the U.S. states of Delaware and Nevada.

In addition to the names of taxpayers, authorities are seeking deposit or withdrawal amounts and taxpayer ID numbers.

(Reporting by Alexandra Alper; Editing by Simon Gardner and Cynthia Osterman)

Mexico is widening a probe into tax evasion by requiring banks to hand over names of local clients with transactions in tax havens, documents showed . . .

Follow Us On Google News | Get Our Newsletter



Trending News on PVDN

  • puerto-vallarta-rainfall-hurricane-flossie-july-2025Puerto Vallarta braces for torrential rains as Hurricane Flossie gains strength Puerto Vallarta faces a high risk of flooding as Hurricane Flossie intensifies in the Pacific. Torrential rains and overwhelmed drainage systems pose major challenges for the city. Puerto Vallarta, a city wedged between the Sierra Madre mountains and the Pacific Ocean, is no stranger to dramatic weather shifts—but this summer, the skies are testing the…
  • tropical-storm-flossie-hurricane-mexico-pacific-coastTropical Storm Flossie to Strengthen into Hurricane as It Tracks Along Mexico’s Pacific Coast Tropical Storm Flossie is expected to become a Category 2 hurricane by July 2 as it moves parallel to Mexico’s Pacific coast, bringing dangerous rainfall, wind, and surf. Tropical Storm Flossie is on the verge of forming from Tropical Depression Six-E and is forecast to strengthen rapidly into a hurricane as it parallels Mexico’s southwestern…
  • hurricane-flossie-strengthens-july-1-2025Hurricane Flossie will bring tropical storm conditions to parts of Guerrero, Michoacán, Colima, and Jalisco Hurricane Flossie intensifies off Mexico's Pacific coast with winds near 90 mph. Heavy rain, flooding, and tropical storm conditions expected in parts of Guerrero, Michoacán, Colima, and Jalisco. Hurricane Flossie continued to intensify early Tuesday morning as it moved west-northwestward off the coast of southwestern Mexico, prompting tropical storm warnings and watches across multiple states.…
  • tropical-storm-flossie-mexico-coast-rain-surf-alertCabo Corrientes under tropical storm watch as Flossie expected to Bring Heavy Rain and Dangerous Surf to Southwestern Mexico Tropical Storm Flossie is forecast to strengthen and may impact Mexico's southwest coast from Zihuatanejo to Cabo Corrientes with heavy rain, flooding, and hazardous surf early this week. Tropical Storm Flossie is expected to deliver heavy rains, gusty winds, and dangerous surf conditions to Mexico’s southwestern coast in the coming days, prompting authorities to issue…
  • raw-sewage-playa-los-muertos-puerto-vallartaMore Raw Sewage Dumping at Playa Los Muertos Appear to Come From Local Hotel Business owners in Puerto Vallarta are demanding action after raw sewage was discovered leaking onto Playa Los Muertos, raising public health and tourism concerns. A raw sewage leak at Playa Los Muertos in Puerto Vallarta has sparked outrage among local tourist service providers and business owners, who say the contamination is driving away visitors and…
  • tropical-storm-flossie-strengthens-mexico-june-2025Tropical Storm Flossie Strengthens Off Mexico’s Pacific Coast, Could Become Hurricane by Tuesday Tropical Storm Flossie gains strength off southwestern Mexico, with hurricane status possible by Tuesday. Storm warnings issued from Punta San Telmo to Playa Perula. Tropical Storm Flossie continues to gain strength off Mexico’s Pacific coastline, prompting tropical storm warnings and watches across several southwestern states. According to the National Hurricane Center (NHC), Flossie is expected…
  • cancun-beach-cleanup-sargassumMassive Beach Cleanup to Combat Sargassum in Cancun After a week of the Cancun’s tourism department denying sargassum existed and insisting media photos were fakes, over 600 public servants and volunteers joined the first simultaneous beach cleanup. In a bold step toward environmental preservation and tourism sustainability, Cancun's Municipal President Ana Paty Peralta led the city’s first simultaneous beach cleanup effort this week.…
  • oregon-murder-fugitive-extradited-puerto-vallartaFugitive Wanted for 2008 Oregon Homicide Captured in Puerto Vallarta and Extradited to U.S. Jesús Rodríguez Borrayo, a fugitive for 17 years, was extradited from Mexico to Oregon for his role in a 2008 drive-by shooting that left one dead. He was located in Puerto Vallarta. A man wanted for murder and other violent crimes in the United States for nearly two decades has been extradited after being found…
  • cancun-2025-sargassum-beaches-and-activitiesSargassum won’t ruin your Cancun vacation, there are plenty of clean beaches and tourist activities As the 2025 sargassum season continues through September, visitors to Cancun can still enjoy clear beaches like Playa Delfines and Playa Caracol. As the 2025 sargassum season intensifies across Quintana Roo, tourists are finding it more difficult to enjoy the region’s iconic white-sand beaches without encountering the unsightly brown seaweed. While the influx of sargassum…
  • tropical-wave-7-floods-bacalar-chetumal-emergency-responseTropical Wave Floods Bacalar and Chetumal as Navy and Army Activate Emergency Plans Torrential rains from Tropical Wave 7 flood Bacalar and Chetumal, prompting emergency response from the Navy and Army. Several towns remain isolated in southern Quintana Roo. Torrential rains caused by Tropical Wave Number 7 have flooded multiple communities in southern Quintana Roo, prompting a joint emergency response from Mexico’s Navy and Army. Authorities activated their…
Scroll to Top