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New Mexican law to close loopholes on public funds

Wednesday, November 7, 2012

The Mexican Congress approved a new law that will close loopholes allowing potential misuse of public funds and force governments to track spending, publish budgets online and reveal their debts.

State and municipal debt registered with the finance ministry has more than doubled in the last five years to $31 billion.

The law will impose jail terms of up to seven years and fines of up to $1.9 million for officials who hide or change information in their public registries.

Source: Reuters