The Mexican government will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements, the president announced Friday.
President Enrique Pena Nieto said the $14,000 monthly cash deposit limit set in 2010 by the previous administration to fight the laundering of drug money has hurt honest businesses.
Companies on Mexico’s border with the United States won’t be limited on cash deposits if they can show they have been established for at least three years, allow authorities to monitor financial transactions and prove they need to make deposits larger than $14,000 a month to operate, Pena Nieto said.
He said the change will help “fight money laundering but without affecting businesses and corporations that work honestly.”
In 2010, Mexico set some of the toughest restrictions in its history on dollar cash transactions, seeking to fight money laundering that was fueling a bloody drug war.