The cash is the precursor of many not very good things, so it is necessary to increase digital payments to stop evasion and even money laundering, according to the president of the Banks Association of Mexico (ABM), Emilio Romano.
“We are exposing the big problem with the cash in the economy in Mexico and I told them and a way of seeing it is that the cash is like saying: ‘Di no to cash, I did not to drugs.’
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“The cash is needed for payment and small operations in some cities, which are not bankrupt,” he recalled.
“But we know that the effective level that is handled in the economy, especially in high denominations and in important quantities, is normally behind an operation that is not desired and can be from fiscal evasion to more serious issues,” he said.
He pointed out that the use of digital payment discourages crime, allows the traceability of financial operations and protects banking.
From his visit to Washington, the leader of the Mexican bank said he talked with Treasury authorities, the Financial Crime Control Network and the Office of Foreign Assets Control on how to combat money laundering and fraud prevention.
“And we reiterate our willingness to continue advancing as an ever to be at the forefront in matters of combating drug trafficking, money laundering and bank protection against illegal activities,” he said.
“A very good opening was received from the US authorities and we established media to continue dialogue and find the mechanisms to continue advancing in the washing combat,” he said.
“Yesterday we had a meeting with John K. Hurley, Undersecretary for Financial Intelligence and Fighting Terrorism, which was also very positive,” he said.
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“With the Undersecretary for financial intelligence and combat terrorism from the United States we talk how to increase and make the exchange of information between authorities and banks more agile so that there is a very solid sector. Today Mexican banks fits the highest international standards, it is always advancing and finding new ways of being closing these crime spaces,” he considered.
“We know that bank plays a very important role in fighting these acts and these illegal activities, so we are always moving forward, improving and finding new mechanisms to have a more resilient bank,” he added.
He said that daily banks do 57 million operations in Mexico, so they use more than 277 thousand people.
As of 2000, the bank began to rebuild, after it broke with the crisis of the ‘Tequila effect’, he said.
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