Mexico's UIF targets cartel finances with massive account freezes

Mexico’s Financial Intelligence Unit (UIF) has intensified its strategy to dismantle the economic structures of criminal organizations. Omar Reyes Colmenares, head of the UIF, announced that every freezing of bank accounts or addition to the blocked persons list is accompanied by a formal complaint filed with the Attorney General’s Office (FGR).

Between 2024 and the present, the UIF has added 2,395 individuals to its blocked persons list, resulting in the immobilization of 24,622 accounts. These actions involve approximately 8.67 billion pesos. Notably, 7,861 of these frozen accounts are linked to major criminal organizations operating within the country. Reyes Colmenares stated that 70 percent of the agency's seizures are related to organizations affecting national security.

The agency is undergoing an institutional transformation, integrating into the national security cabinet to better coordinate financial intelligence with criminal investigations. This strategy emphasizes identifying networks, companies, and ultimate beneficiaries to provide evidence for judicial processes. The UIF also highlighted the importance of collaboration with the Mexican Association of Banks (ABM) and international cooperation with entities such as the United States and the Egmont Group.