Money-Laundering Crackdown Reduces Dollar Deposits
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Mexican companies reduced dollar cash deposits by 75 percent since President Felipe Calderon in September restricted some currency exchanges to fight money laundering by drug gangs, said Guillermo Babatz, president of the National Securities and Banking Commission.
The government banned the use of dollar bills for sales above $100 on Sept. 13 and required retailers to apply for a license to handle dollar deposits. Companies based in states that border the U.S. and in tourist areas are allowed to exchange as much as $7,000 for pesos monthly.