Operations of 13 Casinos in Mexico Blocked; Money Laundering Investigated by Sol Prendido
The Financial Intelligence Unit blocked operations.
The Secretary of Security and Citizen Protection, Omar García Harfuch, reported that the Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit (SHCP) blocked the operations of 13 casinos in various states across the country. The investigation uncovered millions of dollars in funds flowing to Romania, Switzerland, and the United States.
During Mayor Claudia Sheinbaum’s morning press conference, García Harfuch explained that the investigation—conducted over several months by the Security Cabinet in coordination with the Ministry of Finance and the Federal Tax Prosecutor’s Office—identified risk patterns, tax irregularities, and transnational financial ties that compromised the integrity of the Mexican financial system.
The casinos with irregular operations were located in Jalisco, Nuevo León, Sinaloa, Sonora, Baja California, the State of Mexico, Chiapas, and Mexico City.
What is the modus operandi of money laundering?
The Secretary of Security explained that the Financial Intelligence Unit (UIF) detected three main money laundering schemes used by these establishments: Tax evasion with intensive use of cash: The casinos reported inflated income and dispersed funds among subsidiaries or related companies, feigning legal transactions and declaring minimal amounts to the tax authorities.
International transfers without justification: Millions of dollars in flows were recorded to Romania, Switzerland, and the United States, without documentation to prove their origin or destination, demonstrating the use of the global financial system to conceal illicit funds.
And the third, digital platforms outside of financial control: Some online casinos operated through technology aggregators and international payment processors destined for Malta and the United Arab Emirates, outside of Mexican supervision, facilitating the anonymity of the transactions.
What actions are being taken?
The intelligence operation was conducted in cooperation with the U.S. Treasury Department, through its Financial Crimes Enforcement Network (FinCEN), which facilitated the exchange of information on suspicious financial transactions and the identification of transnational money laundering networks.
As a result of these findings, joint actions were undertaken by federal agencies, including: filing complaints with the Attorney General’s Office (FGR) regarding operations involving illicit funds; suspending operations at land-based casinos that violated the law; freezing bank accounts and websites linked to the irregular transactions; and conducting tax audits of related companies and individuals.
García Harfuch stated that this investigation marks the beginning of a new phase of control and early detection, based on predictive models using artificial intelligence and new sector-specific typologies that will allow for anticipating unusual behavior before it impacts the financial system. “We’ve moved from reaction to anticipation and from punishment to intelligent prevention. Only through a coordinated and analytical approach will we ensure that this sector operates under the highest standards of integrity and transparency,” he said.
Source: El Mañana
The post Operations of 13 Casinos in Mexico Blocked; Money Laundering Investigated appeared first on Cartel Insider.
The Financial Intelligence Unit blocked operations.
The Secretary of Security and Citizen Protection, Omar García Harfuch, reported that the Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit (SHCP) blocked the operations of 13 casinos in various states across the country. The investigation uncovered millions of dollars in funds flowing to Romania, Switzerland, and the United States.
During Mayor Claudia Sheinbaum’s morning press conference, García Harfuch explained that the investigation—conducted over several months by the Security Cabinet in coordination with the Ministry of Finance and the Federal Tax Prosecutor’s Office—identified risk patterns, tax irregularities, and transnational financial ties that compromised the integrity of the Mexican financial system.
The casinos with irregular operations were located in Jalisco, Nuevo León, Sinaloa, Sonora, Baja California, the State of Mexico, Chiapas, and Mexico City.
What is the modus operandi of money laundering?
The Secretary of Security explained that the Financial Intelligence Unit (UIF) detected three main money laundering schemes used by these establishments: Tax evasion with intensive use of cash: The casinos reported inflated income and dispersed funds among subsidiaries or related companies, feigning legal transactions and declaring minimal amounts to the tax authorities.
International transfers without justification: Millions of dollars in flows were recorded to Romania, Switzerland, and the United States, without documentation to prove their origin or destination, demonstrating the use of the global financial system to conceal illicit funds.
And the third, digital platforms outside of financial control: Some online casinos operated through technology aggregators and international payment processors destined for Malta and the United Arab Emirates, outside of Mexican supervision, facilitating the anonymity of the transactions.
What actions are being taken?
The intelligence operation was conducted in cooperation with the U.S. Treasury Department, through its Financial Crimes Enforcement Network (FinCEN), which facilitated the exchange of information on suspicious financial transactions and the identification of transnational money laundering networks.
As a result of these findings, joint actions were undertaken by federal agencies, including: filing complaints with the Attorney General’s Office (FGR) regarding operations involving illicit funds; suspending operations at land-based casinos that violated the law; freezing bank accounts and websites linked to the irregular transactions; and conducting tax audits of related companies and individuals.
García Harfuch stated that this investigation marks the beginning of a new phase of control and early detection, based on predictive models using artificial intelligence and new sector-specific typologies that will allow for anticipating unusual behavior before it impacts the financial system. “We’ve moved from reaction to anticipation and from punishment to intelligent prevention. Only through a coordinated and analytical approach will we ensure that this sector operates under the highest standards of integrity and transparency,” he said.
Source: El Mañana
The post Operations of 13 Casinos in Mexico Blocked; Money Laundering Investigated appeared first on Cartel Insider.
