Mexico:
Updating Of The Financial Intelligence Unit's Interpretation On Outsourcing Matter
15 November 2016
Basham, Ringe y Correa, S.C.
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The Mexican Financial Intelligence Unit ("UIF" for its
acronym in Spanish), of the Treasury Ministry issued an
interpretation regarding Outsourcing matter. The UIF considered
this kind of activity, outsourcing, as a Vulnerable Activity under
the Federal Act to Prevent and Identify Illegally-Funded
Transactions, and therefore, subject of identification and
reporting obligations.
To the query formulated by Basham, Ringe y Correa, S.C.,
regarding the treatment for the Corporate Group related to the
interpretation on outsourcing matter; the UIF has informed -as a
way of guidance solely- that when two or more companies or legal
entities are part of the same Corporate Group, and between or among
them, they render its professional services of outsourcing, it
cannot be understood as a Vulnerable Activity under the Act
aforementioned. This since Article 17 section XI of the Act
establishes that the professional services rendering will be
considered as Vulnerable Activity when they are independently
performed.
Experts on Administrative and Anti-Money Laundering Law are
available to any further query or comments that may arise to the
above.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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