The intention of the President of the United States, Donald Trump, to designate drug cartels in Mexico as terrorist organizations represents an immediate concern for the banking system in the country. If this measure is implemented, U.S. antiterrorism financing regulations would apply, which could have significant consequences for Mexican banks.
Victor Manuel Herrera Espinosa, president of the National Committee of Economic Studies of IMEF, warned that banks in Mexico would be affected similarly to financial institutions in countries like Yemen and Iran, which could result in several counterparties ceasing collaboration with these entities. This situation would complicate the payment system to foreign suppliers and put at risk the stability of some banking institutions in Mexico.
Herrera also pointed out that, although the Mexican banking system has proven effective in preventing money laundering, financing terrorism poses a different challenge, as it relates to the source of the resources. In light of the possibility that cartels may be considered terrorist organizations, banks in Mexico would need to implement systems to identify and monitor their clients' deposits and ensure they do not come from the 915 individuals and entities listed by the U.S. government residing in the country.
The president of IMEF explained that the problem is further complicated because, according to U.S. attorneys, individuals who pay extortions or "protection money" would be financing terrorist organizations. Marco Antonio Pérez Valtier, partner at Pérez Gongora and Associates, added that refusing to pay this fee carries serious consequences, such as the potential for damage to businesses, property, or even the life of the affected person.
In this context, Herrera emphasized that U.S. law does not consider mitigating factors and views support to criminal organizations as including seemingly innocuous services, such as catering for events related to drug traffickers or the sale of airline tickets. Given this situation, financial actors in Mexico would face a significant challenge that would require special measures to ensure compliance with antiterrorism regulations in the event that cartels are labeled as such.
