Mexico mulls $90 million fine for massive undeclared transfer

5/29/2017 Reuters

mexican pesosMexico could slap a $90 million fine on those involved in an undeclared shipment of $450 million from the United States to Mexico last year although the funds do not appear to be of illicit origin, Mexican tax officials said.

In October, Mexico’s tax authority SAT said it had detected a package containing bearer negotiable instruments (BNI) worth $450 million from an American company to a Mexican firm with a global presence in the central city of Toluca.

Anyone bringing more than $10,000 into Mexico without declaring it can be fined, which in this case would be about $92 million, according to experts at the tax authority.

BNIs are a good way to smuggle money because they are far less bulky than cash and hard to trace to their owner.

At the time, authorities believed the massive transfer was probably related to tax evasion or money-laundering.

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