Mexico Passes Anti-Money Laundering Bill After US Accuses Banks

Mexican lawmakers approved a bill designed to better clamp down on money laundering, days after the US Treasury accused three local financial firms of facilitating transactions of companies linked to drug trafficking.

The reform of a law to prevent and identify operations carried out with illicit funds was passed in the lower house of Congress by a lopsided vote of 349 in favor, 38 against and 91 abstentions. Its backers included the majority of legislators from the leftist Morena party of President Claudia Sheinbaum.

Claudia Sheinbaum

Photographer: Mauricio Palos/Bloomberg

The proposal will become law after she signs it, which is expected, since it ...