Money laundering restrictions on cash transactions go into effect

Restrictions on cash deposits by companies and organizations went into effect, as part of the Government’s efforts to combat money laundering; restrictions on deposits by individuals became effective in June. Under the new rules, companies operating in the frontier and tourist areas will be limited to depositing US$7,000 in cash per month. In order to address concerns about hurting tourist businesses, the Ministry of Finance also created a mechanism for companies “that have an economic justification for carrying out cash transactions in dollars” to deposit up to an additional US$100 per sale transaction. (Hacienda 9/12, Excelsior 9/13)

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