Some analysts have pointed out that remittances to Mexico are being used by criminal organizations as a vehicle for money laundering, while others point to links to drug cartels. These arguments, according to Jesús A. Cervantes González, coordinator of the Latin American Remittance Forum, speak to a profound lack of understanding of the industry.
To begin with, the specialist says in a report published by the Mexican Institute of Finance Executives, the issue of money laundering in remittance figures has only been raised in Mexico and not in the other main recipient countries in Latin America and the Caribbean, which, like Mexico, have experienced strong growth since 2020.
"One aspect shared by the various analysts who have linked remittances to money laundering is that they have virtually no knowledge of how the industry works. They are also unaware of the evolution of remittance income from other Latin American countries. This leads them to reach fallacious conclusions." Jesus A. Cervantes
He recalled that the association between remittances and money laundering in Mexico emerged in 2020, when such transfers continued to grow despite the COVID-19 pandemic, but the same occurred in other countries in the region.
