Mexico Scraps Dollar Cash Deposit Limits Originally Implemented to Halt Money Laundering The Associated Press
go to original September 14, 2014

Mexico's President Enrique Pena Nieto is seen while giving his second state-of-the-nation address inside the National Palace in Mexico City on Sept. 2. (Eduardo Verdugo/Associated Press)

MEXICO CITY — The Mexican government will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements, the president has announced.

President Enrique Pena Nieto said the $14,000 monthly cash deposit limit set in 2010 by the previous administration to fight the laundering of drug money has hurt honest businesses.

Companies on Mexico's border with the United States won't be limited on cash deposits if they can show they have been established for at least three years, allow authorities to monitor financial transactions and prove they need to make deposits larger than $14,000 a month to operate, Pena Nieto said.

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