On August 13, 2019, the Mexican Social Security Institute (Instituto Mexicano de Seguridad Social (IMSS)) and the Financial Intelligence Unit (Unidad de Inteligencia Financiera (UIF)) for the Tax and Treasury Department (Secretaría de Hacienda y Crédito Público), entered into an agreement in order to fight corruption and strengthen investigation. The exchange of information and data bases was agreed to strengthen and make IMSS investigations more efficient, thereby aiding UIF in the prevention and prompt detection of unlawful activities with funds of illegal origin.
One of the most important issues to work on as a result of the signing of this agreement are outsourcing schemes, as these are deemed a vulnerable activity and the exchange of information will facilitate the detection of persons using these schemes, to become aware of the sums being handled thereby as well as to fight the any possible money laundering crime.
UIF agreed to submit information to IMSS as to those reports and operation notices that are to be filed by bound subjects, in connection with employers, employees, individuals and legal entities appearing as taxpayers. UIF has authority to provide, require and exchange the necessary information and documentation to domestic and foreign authorities.
It is important to mention that the personal data shared between parties is protected as stipulated on the agreement.
If you need further information on this matter, please contact us and we will be pleased to assist you on this or any other issued in connection therewith.