Money sent to Mexico, is more than MORE thanforeign investments (Spanish)

CNN en Español, (Spanish Cnn.) ^ | May 29, 2003 | Rovenstinez

[rovenstinez]

The sum total of money sent to family members in Mexico, about 2.741 million dollars, (FOR ONE TRIMESTRE) is greater than the amount of foreign investment in the country according to Banco de Mexico, (Banxico).

[rovenstinez]

A good share of that amount, went back to the USA after family members shopped at Sam's Club, Wal-Mart and McDonalds.

[tkathy]

This has to contribute to the economy problems.

[Bill Davis FR]

2.741 million dollars isn't very much...

[Redcloak]

Let's Babblefish this...

The remittances surpass to the income by foreign investment in Mexico

29 of May, 2003

Updated: 12:28 p.m. hour of New York (1628 GMT)

MEXICO (AP) -- the amount of familiar remittances sent by Mexican residents in the outside added 2,741 million dollars in the first trimester of the year, a number that surpassed to the entrance by direct foreign investment and tourism, informed Wednesday the Bank into Mexico (Banxico).

The central bank indicated in an official notice that the remittances registered an increase of 26.1 percents with respect to the first trimester of the 2002.

The flow of money of the Mexicans abroad represented the 1.8 percent of Producto Interno Bruto (PIB) and was equivalent to the 62 percent of the value of the crude petroleum exports.

The direct foreign investment represented for the country 2,570 million dollars, needed the Banxico.

Data of the Secretariat of Outer Relations indicate that more than 10 million of Mexican they live outside the country, of which almost the 98 percent resides in the United States.

[HiJinx]

It's fair to say that another goodly portion went to Coyotes (slave-traders) to bring family members north across the border...

[JmyBryan]

I'm shocked that the amount of foreign investmt in Mexico is so low. Obviously the Mexican govt hasn't spurred investor confidence.

[ETERNAL WARMING]

Would you mind putting this in ENGLISH so we can read it? Thankyou.

[ETERNAL WARMING]

Thankyou Redcloak.

[Libertarianize the GOP]

ping

[ETERNAL WARMING]

The central bank indicated in an official notice that the remittances registered an increase of 26.1 percents with respect to the first trimester of the 2002.

And how many American citizen jobs were lost last quarter? Nice of us to make Mexico rich at the expense of our citizens.

[AuH2ORepublican]

"2.741 million dollars isn't very much..."

---

In Spain and Latin America, they use periods instead of commas and commas instead of periods when writing numbers. No idea why, but that's how they do it. Also, what we call a billion (which is one thousand million) they actually call "a thousand million" ("mil millones"), since the Spanish word "billon" means one million million (what we call a trillion). (BTW, the Brits also refer to what we call a trillion as a "billion," and refer to what we call a billion as a "milliard." Or at least they used to.)

Thus, in the article, "2.741 millones de dolares" is actually 2,741 million dollars, or 2.741 billion dollars. That's for a three-month period. So we're talking about real money here. Little wonder why Mexican President Fox wants to increase immigration to the U.S. (it also helps Mexico keep its already high unemployment rate from getting completely out of control).

[JmyBryan]

Thank you - I knew something was weird.

[FITZ]

I'm shocked that the amount of foreign investmt in Mexico is so low. Obviously the Mexican govt hasn't spurred investor confidence.

Not just foreign investment is low ---the wealthy Mexicans won't invest in Mexico either. They get their money and it gets invested in the USA or Europe. Money doesn't stay in Mexico for long.

[q_an_a]

someone is missing the magic words "per day" from this story. I would bet that a number closer to a billion dollars a year moves over western union than 2.7 million a quarter.

[TLI]

Just a thought, what if the IRS began to receve reports regarding the transfer of funds to locations outside of the united States and it became apparent that is is a nationwide trend.... therefor invoking conspiracy laws.

Say for example, an individual living in the united States ILLEGALLY had conspired with other individuals living in the united States ILLEGALLY to create a hideout from the investigative Branch of INS or whatever the heck they are called these days. They have rented the hideout under a fake name and all of the conspirators chipped in to pay the rent on the hidout. Then, in order to avoid local law enforcement agents, all of the ILLEGAL Aliens live in the hidout, thereby curcumventing the reporting regulations for an alien ILLEGALLY living in the u.S. That would be a crime, right?

OK, let's say those same aliens living ILLEGALLY in the u.S. all had jobs and because they are paying very little to support themselves, (they are all living in the hidout, thereby paying 1/5 to 1/10 what the average American pays in rent and lest than 1/20 what the average home owner pays in monthly mortgage payments) they are sending regular sums of money out of the county, money that was earned during the course of ILLEGAL ACTIVITY, i.e. not reporting there illegal status, hiding their address from law authorities, and falsifying federal IRS forms with fake SS numbers. This would all constitute crimes, right? Well, what kind of a crime?

STRUCTURING, IE money laundering......

4.18.1956(a)(1)(B)(ii) Money Laundering-Illegal Structuring,

18 U.S.C. § 1956(a)(1)(B)(ii) See Statute

[Defendant] is charged with violating that portion of the federal money laundering statute that prohibits structuring transactions to avoid reporting requirements. It is against federal law to engage in such conduct. For [defendant] to be convicted of this crime, you must be convinced that the government has proven each of the following things beyond a reasonable doubt:

First, that [defendant] entered into a financial transaction or transactions, on or about the date alleged, with a financial institution engaged in interstate commerce, involving the use of proceeds of unlawful activities, specifically, proceeds of the [_________];

Second, that [defendant] knew that these were the proceeds of unlawful activity;

Third, that [defendant] knew that the transaction or transactions were structured or designed in whole or in part so as to avoid transaction reporting requirements under federal law. ------- The defendants are also charged with knowingly conducting and attempting to conduct financial transactions that involved the proceeds of specified unlawful activity, knowing that the transactions were designed in whole or in part to avoid a transaction reporting requirement and while conducting and attempting to conduct such financial transactions, knowing that the property involved in the financial transactions represented the proceeds of some form of unlawful activity, in violation of Title 18, United States Code, Section 1956(a)(1)(B)(ii).

The Treasury Department has published a booklet entitled, "Money Laundering: A Banker's Guide to Avoiding Problems," which contains a list of suspicious activities that the Treasury Department says fit the profile of a "money launderer." These activities include: 1) Paying off a delinquent loan all at once; 2) Changing currency from small to large denominations;3) Buying cashier's checks, money orders, or traveler's checks for less than the reporting limit (i.e., under $10,000); 4) Acting nervous while making large transactions with cash or monetary instruments; 5) Opening an account and using it as collateral for a loan; 6) Presenting a transaction that involves a large number of $50 and $100 bills; and 7) Presenting a transaction without counting the cash first. . . .

"Structuring" is defined by the IRS as any effort to avoid reporting cash or other monetary transactions over $10,000 by breaking them down into smaller "related" transactions over any 12-month period (defined by USC 31, Sec. 5322-5324-Money Laundering Control Act of 1986, as amended). A structuring violation carries with it a criminal penalty with a mandatory prison term, heavy fines, and confiscation of structured funds and money "connected" to them. (A civil penalty of a $25,000 fine with confiscation of structured funds also exists.) Monetary instruments included in structuring are cash, cashier's checks, money orders, and traveler's checks.

"Structuring" is now defined as money laundering, and is a criminal offense. You can now go to jail for dealing in cash to protect your financial privacy, if the IRS thinks you're trying to hide or structure your transactions or monetary instruments.

It seems to me that that the above is describing a nationwide conspiracy of ILLEGAL ALIENS that are defrauding the government and a guilty of a long list of federal conspiracy crimes.

It also occurred to me that the crime was committed, or rather, under the definition of conspiracy, the crime began when the illegal alien set foot on u.S. territory with the intention of getting a job "that nobody else wanted."