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New Mexico law cracks down on money-laundering

Friday, October 12, 2012

Mexico's Congress approved a long-awaited law to crack down on money laundering in a bid to attack the finances of the country's powerful drug cartels.

The law, proposed two years ago by outgoing President Felipe Calderon as part of his offensive against drug gangs, was passed by the Senate on Thursday.

The new federal law puts restrictions on cash purchases of real estate, jewellery, armoured cars and other assets that criminals use to launder illicit funds.

Source: Reuters