ABSTRACT

FinCEN Advisory: Mexican Bank Drafts and Factored Third Party Checks, September 1996, Issue 6   [open pdf - 66KB]

The FinCEN Advisory "...is a recurring series designed for the financial, regulatory and law enforcement communities. Subsequent advisories will describe trends and developments related to money laundering and financial crime." In this issue of FinCEN: "Mexican bank drafts have long been used to facilitate trade and commerce within the United States/Mexican border region. These drafts are issued in U.S. dollars by Mexican banks and are payable from correspondent accounts held at U.S. banks. The promise of payment by a U.S. bank makes them easy to sell or deposit. Correspondent banking relationships are a vital part of the banking system, both domestically and internationally. However, like other aspects of the system, they are vulnerable to manipulation and misuse by money launderers. In this case, Mexican bank drafts have provided excellent tools for the facilitation of money laundering activities."

Publisher:
Date:
1996-09
Copyright:
Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
Format:
pdf
Media Type:
application/pdf
Source:
FinCEN Advisory (September 1996), v.1 iss.6
URL:
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