Real Estate Brokers – Subjects to the Anti-Money Laundering Law


Publicado en Martes, 29 Mayo 2018

Real Estate Brokers – Subjects to the Anti-Money Laundering Law

 

As follow up of what has been written here in past entries , the Anti-Money Laundering Law classifies a number of activities considered as vulnerable. Among these, the Real Estate Brokers are obligated to the compliance of this Law.

 

According to this Law, it is considered as a vulnerable activity “the common or professional provision of services of intermediation in the transmission of property, or constitution of rights over real estate, in which operations of purchase and sell in favor of the clients that they represent are conducted”.

 

In a zone such as Puerto Vallarta, a very renowned touristic attraction in Mexico, the real estate brokers are especially important since they promote the investment in real estate. Because of this they need to be conscious of the repercussions that the Anti-Money Laundering Law has in the Real Estate Market.

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What obligations does a person subject to the anti-money laundering law have?


Publicado en Lunes, 28 Mayo 2018

What obligations does a person subject to the anti-money laundering law have?

 

After determining if we are subjects to the Anti-Money Laundering Law, the next step is to understand that there are obligations that need to be complied with. Each vulnerable activity has different obligations, but there are obligations established in the Anti-Money Laundering Law that apply to all the subjects, which are the ones that we will learn about in this article.

 

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Entities in start-up stage


Publicado en Jueves, 26 Abril 2018

Entities in start-up stage

As an analogy with human life, the start-up stage in companies could be defined as the phase since its birth up to the moment when an individual is able to walk by himself. In companies, the start-up stage ends when the company begins to have recurrently income, meaning that it starts to operate and obtain resources in conformity with the principal activity; therefore according on the type of industry or activity, the start-up stage could terminate immediately after the constitution date or could take several years for its completion.

 

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Vulnerable Activities – How to know if you are subject to the Anti-Money Laundering Law?


Publicado en Jueves, 18 Enero 2018

Vulnerable Activities – How to know if you are subject to the Anti-Money Laundering Law?

 

On the last article we talked about the creation and implementation of the Anti-Money Laundering Law in Mexico. Now we will focus in understanding how to know if we are subjects to the Anti-Money Laundering Law in Mexico or not.

 

In order to determine who subjects to this law are, the law itself includes a list of what it refers to as “Vulnerable Activities”. There are 15 vulnerable activities, and even if the simple fact of doing any of them does not mean that one has to comply, it is important to know what those activities are.

 

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Anti-Money Laundering Law – Precedents, creation and immediate effect


Publicado en Lunes, 15 Enero 2018

Anti-Money Laundering Law - Precedents, creation and immediate effect

 

The anti-money laundering topic is one that is very important on an international level. The governments of the world consider that the actions against this problem should be a top priority. Because of this, in the last years, they have been looking for the standardization of procedures to face it.

 

On an international level, the Financial Action Task Force (FATF), also known in Spanish as the Grupo de Acción Financiera Internacional (GAFI), is the institution responsible for establishing the standards and promoting an effective implementation of measures for the combat against money laundering, counter-terrorist financing and other threats to the international financial system.

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