Banks and Brokerages Seek More Time on Mexico Tax Probe Request Alexandra Alper - Reuters
go to original June 2, 2016

Oxfam Mexico Concerned about those named in Panama Papers leak (EM TV Online)

Mexican brokerages are pushing back against a massive government data request that aims to uncover possible tax evasion, a document showed, after the "Panama Papers" cast a spotlight on how the world's rich and famous hide their wealth.

Last month, Reuters reported that Mexico's tax authority, SAT, had asked regulators to make banks and brokerages provide a list of clients that made transactions or investments in over 100 jurisdictions, from Anguilla to the United Kingdom.

Mexico's banking authority gave banks and brokerages 15 working days to meet the request, which was made on April 25. It sought taxpayer names, ID numbers and deposit or withdrawal amounts for transactions from 2012 through March 2016.

In a letter seen by Reuters dated May 23, Efren del Rosal, director general of the Mexican stockbrokers' association, or AMIB, asked the banking authority CNBV for 60 days to comply and for more clarity on what regulators are after.

"Giving a 15-day deadline to search for information on unspecified transactions made by clients in 103 territories and jurisdictions over four years may be difficult to comply with," del Rosal wrote.

He also suggested that authorities set a threshold for reporting transactions, and create a format to clarify how much detail was needed.

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