New Year's message

New Year's message

New Year's message

Published on january 23 , 2023

Foto de Benjamín Miguel Valdez Tamayo

Benjamín Miguel Valdez Tamayo - Partner

Dear friends,

As we begin 2023, it is a good time to reflect on the great challenges we have experienced in recent years, as well as the opportunities we have before us. Since 2020, we have encountered obstacles and difficulties generated by a complex global situation. Three years later, we can say that we have managed to overcome the iniquities, and that we are more prepared and more capable than ever to move forward.

The economy is becoming more dynamic. We have identified signs that business is reactivating, accompanied by the new technologies that isolation has left us with. In this 2023 we must focus on these new opportunities, with optimism and enthusiasm, always remembering the difficulties, but not with sadness or anxiety, but with new vigor.

As a law firm we are always ready and at the forefront, in order to serve our clients. With professionalism, dedication and with the teachings that these years have left us, we are prepared to meet their expectations, and more. Giving thanks for this new beginning, we send you a warm greeting from the entire team of Benjamin Valdez y Asociados, wishing you the best.
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Last June, the new Instructions for the Prevention, Detection and Control of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction, issued by the Attorney General's Office (FGR), under the framework of the Anti-Money Laundering Law (LCLDA), came into force. In its Article 2, the LCLDA establishes that every person must submit information to the FGR that allows demonstrating the licit origin of any transaction he/she carries out. This leads us to conclude, then, that every person must prepare the manual and internal policies for the implementation of a money laundering prevention system, and the continuous development of these.

What is the difference between the new Instructions and the prevention systems elaborated before it came into force? Article 4 of the Instructions requires individuals to apply a risk-based approach, which consists of identifying, assessing and understanding the risks of their sector and operation, and applying resources aimed at ensuring that they are effectively mitigated. Therefore, it is necessary to update the manuals and policies that companies had developed in the past, so that they have a risk-based approach and comply with the new provisions.

From the manuals prepared, it is necessary to comply with other obligations, among them, to develop due diligence and KYC policies to identify the final beneficiary of the company's business relationships, to detect and mitigate all unusual or suspicious transactions and report them to the FGR (not only cash transactions), to train employees, to keep a historical record of the files analyzed, and above all, to appoint a compliance officer.

Why is it important to comply? Article 8 of the LCLDA establishes that, if there is any encumbrance due to negligence, impertinence or ignorance of the directors or employees of the companies, there will be a sanction of two to four years in jail.

Therefore, as a Firm we recommend:


We offer you our services, in order to comply with these legal obligations, so that your company has the peace of mind and support of a money laundering prevention system.

For more information about how this may affect your company, please contact our specialized team at bvaldez@bvaldezlaw.com  or  benjamin@bvaldezlaw.com