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Money-Launder Woes Push Mexico Into Dollar-Transfer Business

  • Central bank to launch system as soon as next month: official
  • Banco de Mexico to facilitate dollars sent between businesses
Updated on

Mexico’s government is taking an unusual step to weather a U.S. money-laundering crackdown that threatens to hobble dollar-fueled businesses from Tijuana beauty salons to Cancun hotels: It’s getting into the dollar-transfer business.

The country’s central bank will soon unveil an electronic system designed to ease U.S. dollar transfers between Mexican businesses, said Banco de Mexico spokesman Ricardo Medina. The network will let businesses send U.S. currency to each other through a clearinghouse overseen by the central bank and moving through a bank in the U.S., according to a central bank official familiar with the program, who said the system could be introduced as soon as next month.