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World Compliance: Fighting Corruption South of the Border

Date: February 01, 2010

World Compliance: Fighting Corruption South of the Border

MIAMI, Feb. 1 /PRNewswire/ -- Miami-based WorldCompliance, an open source intelligence company announced a partnership with Garcia Gibson Consulting; a consulting firm specializing in legal, compliance, anti-money laundering and anti-terrorism financing based in Mexico.

Both companies have strong ties in the compliance industry throughout Latin America and are poised to make major inroads in the Mexico market. “Based on the government’s renewed efforts to crackdown on the drug problem, our management teams see this as a unique opportunity to lend our expertise in a timely and effective manner,” said Jose DaSilva, Sales Director for WorldCompliance Latin America.

The drug war that has raged across Mexico in the past three years has claimed over 17,000 lives. Since 2006 when the government began cracking down on the drug cartels, over 80,000 cartel members have been imprisoned. Even though, the war persists unabated with new legions joining the cartels in search of what is perceived as a fast track to riches.

The influx of money also creates a problem for the cartel as they seek ways to hide its source. “Money laundering has taken on new guises and extremely intricate transactions to keep pace with law enforcement,” added Mr. DaSilva.

While financial institutions have aggressively implemented risk management software and processes to combat this, other industries have been slow to follow.

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