Mexico warns of repercussions if remittances from US are blocked

5/12/2016 LA Times

aportelaIf a new U.S. administration blocks the flow of remittances — the estimated $20 billion that Mexicans working in the U.S. send home each year — then joint efforts to stop money laundering and other illicit forms of finance will be dealt a dangerous setback, a senior Mexican official warned Thursday.

Donald Trump, the presumptive Republican presidential nominee, has vowed, if elected, to make Mexico pay to build a wall along the entire Southwest border, even if it means impounding remittance payments.

Fernando Aportela, Mexico’s deputy secretary for finance, said any attempt to seize remittances would force Mexicans to hide and smuggle their money, sending them into the shadows of illegality just as Mexican and U.S. officials are working to make money flows more transparent.

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