Client Alert

According with the Federal Revenue Law for 2019 (LIF by its acronym in Spanish), those who have not fulfilled their obligations provided in articles 17 and 18 of the Anti-Money Laundering Law (LFPIORPI by its acronym in Spanish), may update their compliance obligations.

The general regulations of the self – regulation programs for the subjects that carry out vulnerable activities and that are not up to date with their obligations, in accordance with the provisions of articles 17 and 18 of the Federal Law for the Prevention and Identification of Operations with Resources of Illegal Origin (LFPIORPI), were published in the Federal Official Gazette on April 16^th, 2019.

Those who are not up to date in complying with their obligations established in the LFPIORPI only for the period from July 1, 2013 to December 31, 2018, may take advantage of this program.

• The Self-Regulation Program will not be valid in case of the following:
• The person or entity is not registered in the list of obligated subjects for the purposes of the Law.
• The data expressed in the list of vulnerable activities, is not duly updated in terms of article 7 of the General Rules.
• The obligated party is not up to date with its obligations established in the Law during the year 2019.
• Events that constitute the commission of a crime provided by law.

To obtain the authorization of the above mentioned program, an application must be submitted through the SPPLD, within 30 working days from the entry into force of this regulation.

The Tax Administration Service may discharge the fines that may have been imposed in terms of the LFPIORPI, during the period that covers the self-regularization program.

To qualify for the discharge, the following requirements must be met:

• That the irregularities and faults contained in the self-regulation program have been corrected, and that they have been the subject of said program.
• Indicate the period of self-regulation, the irregularities or omissions sanctioned, number and amount of the fine, official number and authority that imposed the fine.

The discharge will not give rise to refund, compensation, credit or balance in any favor.

If you have any comments, questions, or need any additional advice, please contact us.

Contact

Rafael Sánchez
rsanchez@cuestacampos.com

Franscela Sapien
fsapien@cuestacampos.com

www.cuestacampos.com

The above is provided as general information prepared by professionals with regard to the subject matter. This document only refers to the applicable law in Mexico. While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions. The information contained herein should not be relied on as legal, accounting or professional advice being rendered.