Public Accusations Against Mexican Financial Institutions
The U.S. Government’s public accusations against three Mexican financial institutions for money laundering related to organized crime have sent shockwaves through Mexico’s banking and financial system.
It appears that there was a lapse in the strict supervision of the banking system, which previous Mexican governments had enforced for over two decades to prevent such incidents. Now, it’s clear why Washington declared Mexican drug cartels as “terrorist organizations” – though only three institutions are currently linked, they face the U.S.’s “Patriot Act,” which does not guarantee due process for foreigners.
Mexican Pharmaceutical Industry Seeks Export Opportunities
According to El Economista, the Mexican pharmaceutical industry has been working to expand authorization from the U.S. Food and Drug Administration (FDA) for Mexican labs to export medications to the U.S.
Juan de Villafranca explains to Judith Santiago that recent studies suggest Mexico could supply the U.S. market with oncology drugs, diabetes treatments, and obesity medications, among others. This could make Mexico a significant exporter, creating quality jobs, technology, and tax revenue within the country rather than abroad.
Pemex’s Crisis and the Need for a Business Plan
There is no doubt that Pemex, the Mexican state-owned oil company, faces a severe crisis. Palacio’s conclusion is that an authentic business plan is needed to address structural problems and prevent Pemex from becoming a financial burden on the Federal Government.
Sources within Pemex say that numerous ideas are part of this plan, which would implement common-sense adjustments and changes in any large corporation, making Pemex a profitable source of income for the federal treasury once again.
The main issue, they claim, is that the simple business plan for Pemex must overcome those who, despite ignorance of Einstein’s theories and ideological prejudices, obstinately insist on achieving different results by repeating the same actions.
In the Whirlwind: Recent Developments
The case of the three denounced banking institutions by the U.S. presents an opportunity for Mexico’s Secretary of Finance, Edgar Amador Zamora, to propose new heads for the CNBV and UIF…
- Visa Cancellations for Bank Executives: U.S. Secretary of State Marco Rubio has already announced the cancellation of visas for executives of the denounced banks and their families.
- Legislative Changes: President Claudia Sheinbaum has sent the initiative to the Permanent Committee of the Union Congress, proposing amendments to the National Code of Procedures and the Federal Anti-Organized Crime Law, finally creating anonymous judges to prosecute organized crime members. The only question is: will these judges be chosen, or are they appointed?
- Juan Antonio Ferrer’s Appointment: The former director of the extinct Insabi, who mismanaged billions of pesos, now holds a position at Mexico’s embassy to UNESCO.
George Orwell’s reflection for a weekend with authoritarian tendencies: “Freedom of expression is saying what people do not want to hear.”
