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Friday, Oct 12, 2012 12:00 AM UTC

Mexico passes anti-laundering cash purchases ban

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Topics: From the Wires,

MEXICO CITY (AP) — Mexico’s Senate has approved bans on large cash transaction as part of a measure to fight money laundering.

The bill forbids sellers and notaries from accepting cash payments of over a half million pesos ($38,750) for real-estate purchases. It also forbids cash purchases of over 200,000 pesos ($15,500) for automobiles or jewelry.

Experts say the measure could help fight the estimated $10 billion in drug-money laundering that is believed to occur annually in Mexico.

But it is unclear whether the measure could also hurt the economy, many sectors of which have traditionally been based on cash.

The Senate passed the bill unanimously Thursday. It now goes to the president to be signed into law, and would take effect 90 days after it is published.

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