Monday, 13 September 2010

http://kxoradio.com/content/view/7790/1/

(New Mexican law goes into effect)….The law is designed to prevent against money laundering.

It limit’s the amount of U.S. dollars that can be deposited in Mexican Banks. Government officials modified the law. It now has different amounts allowable in the border region as compared to the interior. The changes were demanded by border communities who said their economy is more dependant on U.S. dollars through tourism and everyday commerce. According to the new law residents of Mexicali and other border communities can deposit only $7,000 U.S. dollars in a Mexican bank each month. Small to medium businesses can deposit up to $56,000 per month. The government says an average small business in Mexicali takes it about $50,000 per month. Medium to large businesses can deposit unlimited amounts, but the law limits individual transactions to $100 each. The law says that amount is more than enough to purchase the basic needs. The Government wants to curtail money laundering from drug cartels and other illegal activity.