Mexican Official Puts Out Warning to Trump

Money Transfer 2

Donald Trump has not even been elected yet, but Mexico is already getting ready.

Donald Trump, the presumptive GOP presidential nominee, has promised that, if elected president, he will build a wall along the Mexico-USA border, and Mexico will pay for it.    Mexico has repeatedly said that it has no intention of building or paying for Trump’s wall.  

One suggested method to recover costs was by impounding wire transfers that are sent back to Mexico from Mexicans working in the US – to the tune of an estimated $20 billion each year.

Thursday, a senior Mexican official warned: Don’t do it.   Fernando Aportela, Mexico’s deputy secretary for finance, said if remittances are seized, Mexicans would be forced to hide and smuggle their money – which could undo all the progress Mexican and U.S. officials have made to make money flows more transparent.

Aportela said seizing remittances would disrupt joint efforts between Mexico and the US to stop money laundering and other illegal forms of finance.

LA Times reports:  “A Trump administration could impose regulatory and logistical obstacles to transferring money to Mexico, just as the U.S. has done for terrorism financing. But doing so probably would face challenges in the courts and strong resistance from banks and financial institutions that make money off the transfers.”

 







 

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