INTER-AMERICAN DRUG ABUSE CONTROL COMMISSION
MEETING OF THE GROUP OF EXPERTS
TO CONTROL MONEY LAUNDERING
October 20-22, 1998
Buenos Aires, Argentina
OEA/Ser.L/XIV.4
CICAD/LAVEX/AR/doc.7/98
3 September 1998
Original: Spanish
PROPOSED AMENDMENTS TO THE CICAD MODEL REGULATIONS
CONCERNING LAUNDERING OFFENCES CONNECTED TO ILLICIT DRUG
TRAFFICKING AND RELATED OFFENCES
MEXICO
2
CICAD
INTER-AMERICAN DRUG ABUSE CONTROL COMMISSION
CICAD MODEL REGULATIONS CONCERNING
LAUNDERING OFFENCES CONNECTED TO ILLICIT DRUG
TRAFFICKING AND RELATED OFFENCES
PROPOSED AMENDMENTS TO THE CICAD MODEL REGULATIONS
CONCERNING LAUNDERING OFFENCES CONNECTED TO ILLICIT DRUG
TRAFFICKING AND RELATED OFFENCES
MEXICO
_________________________________________________________________________________
3
____
Mexico City, Mexico
1998
August
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Article 10: IDENTIFICATION OF CLIENTS AND MAINTENANCE OF RECORDS
Paragraph 1:
It is advisable to add the following at the end of the paragraph: "The client shall be requested at the
time of the first operation to submit any documents and identification required to identify him or it."
Paragraph 2, line 5:
The distinction must be made between natural and juridical persons so that the official identity
documents submitted to the financial institution can be specified in determining the identity of the
clients. It is therefore suggested that the following be added: "in addition to documents providing
convincing evidence of their legal existence, and the powers of their legal representative or
representatives."
Paragraph 3, line 1:
It is important to note that financial institutions are to keep copies of the documents identifying their
clients. It is therefore suggested to add ": ", in a file identifying the client, ..." after "to obtain and
record".
Article 11: AVAILABILITY OF RECORDS
Paragraph 3:
It is suggested that States be replaced by "Countries."
Paragraph 4:
It is suggested that this paragraph be replaced by:
"Laws referring to bank, fiduciary, and stock exchange transaction secrecy or confidentiality shall
not be an impediment to compliance with this Article when the information is requested by or shared
with the competent authority."
Article 12: RECORDING AND REPORTING OF CASH TRANSACTIONS
Paragraph 4:
It is suggested that the following be added at the end of the paragraph:
"The employees, officers, and directors of financial institutions shall maintain the strictest
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confidentiality."
Paragraph 9, line 1:
It is suggested that ", fiduciary, and stock exchange transaction" be added after "bank" and before
"secrecy or confidentiality."
Article 16: PROVISIONS FOR OTHERS RESPONSIBLE
Subparagraph a.:
The following text is proposed:
a. The sale or transfer of real estate, weapons, precious metals, art, archaeological objects,
jewelry, automobiles, boats, planes, or other consumer durables, collectibles, or travel or
entertainment-related services;"
It is suggested that a subparagraph be added, to read as follows:
"d. in general, any commercial activity implying any international movement of assets or property as
specified in the preceding paragraphs, but not limited thereto."
Article 18: INTERNATIONAL COOPERATION
Paragraph 5: line 1:
It is suggested that ", fiduciary, and stock exchange transaction" be added after "bank" and before
"secrecy or confidentiality."
Article 19: BANK SECRECY OR CONFIDENTIALITY
It is advisable that ", FIDUCIARY, AND STOCK EXCHANGE TRANSACTION" be added to the
title of this Article after the word "BANK" and before the words "SECRECY OR
CONFIDENTIALTY."
Line 1:
It is suggested that ", fiduciary, and stock exchange transaction" be added after the word "bank" and
before the words "secrecy and confidentiality."
CICAD00093.E