Account blocking causes concern among customers

Although this is a sign of the federal government’s commitment to combating organized crime, the Mexican Association of Securities Institutions (AMIB) acknowledged that there is concern over the decision by the Supreme Court of Justice of the Nation (SCJN) to allow the Financial Intelligence Unit (UIF) to freeze bank accounts without a prior court order.

Alvaro Garcia Pimentel, president of the AMIB, explained that this allows for faster action in neutralizing the funds of individuals involved in illicit activities, but that it generates some concern and controversy because the goal is to ensure that all financial assets in Mexico are fully secure.

“We are very confident that the UIF will exercise this authority, granted by the Supreme Court of Justice, prudently and with the same objective of countering attacks by drug trafficking and terrorism,” he said.

In response to concerns about account freezes, the AMIB president clarified that the assets of investment fund and brokerage firm clients are protected, as they do not form part of these institutions’ assets.