In a bid to crack down on money laundering and cash smuggling in the country, President Felipe Calderon has introduced new reform proposals that would make it illegal to purchase real estate in the country in cash. The proposal would also limit the total amount of money any single person can spend on vehicles, boats, airplanes and luxury goods to approximately USD7,700, the Washington Post reports. Violators could face up to 15 years of jail time. The Post notes that criminals operating in Mexico are increasingly relying on cash transactions to launder the profits of their illegal transactions.

    About the author

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      Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.