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Large Cash Transactions Banned In Mexico
Posted By yihan On October 24, 2012 @ 7:36 am In Money Watch | Comments Disabled
October 24, 2012
Outgoing Mexican President Felipe Calderon has signed into law a ban on large cash transactions. The ban will take effect in about 90 days and it is part of a broader effort to control monetary flows within the country.
Under the law, a Specialized Unit in Financial Analysis operating within the Attorney General’s Office will be created to investigate financial operations “that are related to resources of unknown origin.”
For real estate transactions, cash payments of more than a half million pesos ($38,750) will be forbidden and, for automobiles or items like jewelry, art, and lottery tickets, cash payments of more than 200,000 pesos ($15,500) will be forbidden. The law carries a minimum penalty of five years in prison.
In 2010, Mexico instituted strict limits on foreign exchange cash transactions to $1,500 per person per month, which caused several cash dollar exchanges to withdraw from the business and had the effect of penalizing tourists.
Full story here. 
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URLs in this post:
 Forbes: http://www.forbes.com/sites/jonmatonis/2012/10/17/large-cash-transactions-banned-in-mexico/
 The Death Of Cash? All Over The World Governments Are Banning Large Cash Transactions: http://www.prisonplanet.com/the-death-of-cash-all-over-the-world-governments-are-banning-large-cash-transactions.html
 Russia to ban cash transactions over $10,000: http://www.prisonplanet.com/russia-to-ban-cash-transactions-over-10000.html
 Insane Ban on Cash Transactions in Louisiana: http://www.prisonplanet.com/insane-ban-on-cash-transactions-in-louisiana.html
 Law Bans Cash for Second Hand Transactions: http://www.prisonplanet.com/law-bans-cash-for-second-hand-transactions.html
 Mexico to Ban Payment in Cash: http://www.prisonplanet.com/mexico-to-ban-payment-in-cash.html
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