Bank of Mexico 'Categorically Rejects' Illegal Money Transfer Allegations Central Banking
go to original August 28, 2012

The Bank of Mexico has angrily denied claims it had altered a receipt for an electronic transfer of funds after a candidate in the country's presidential election accused the central bank of wrongdoing.

A statement posted on the bank's website on August 26 said the institution "categorically rejects" the "unfounded" allegations made against the central bank and the governor.

"The Bank of Mexico, as administrator [of the] Electronic Payment System Interbank (SPEI) provides the infrastructure and means of communication of that system, while transactions that take place in it are operated exclusively by financial institutions that maintain the relationship with public users," the statement said.

Furthering the argument that it would be impossible for the central bank to have meddled with the information as is alleged, the statement explained that all the information contained in electronic payment receipts for transactions was the sole responsibility of the recipient bank, not the Bank of Mexico. A warning to that effect is even printed on the bottom of the receipts, the central bank said.

"It follows that the central bank has no responsibility regarding data contained in the vouchers, since the accuracy of the information can only be checked by the bank receiving the resources," said the statement. Any change to the receipts can therefore only be via following instructions from the recipient bank.

Therefore, the allegations questioning the conduct of the Bank of Mexico and its officials "are completely unfounded and untrue", said the central bank.

The furore arose after an unsuccessful candidate in last month's presidential election in Mexico accused the winner, Peña Nieto, and his political party, the Institutional Revolutionary Party, of exceeding campaign spending limits and vote-buying. The claims led to fingers being pointed at the central bank for having aided the cover-up of transfer of illicit funds.

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