Mexico City, May 22: President Claudia Sheinbaum of Mexico has announced that her government is analyzing the impact of new orders from the United States. These directives may affect migrants living in the U.S. without legal documentation. As a result, access to American banking and financial services could become more challenging for these individuals.
During her daily press conference, Sheinbaum was asked about the potential effects of this decision on remittances sent from the U.S. to Mexico. These funds are crucial for Mexican citizens working abroad who support their families back home.
Sheinbaum revealed that Mexico’s Finance Ministry and the new Mexican ambassador to the U.S., Roberto Lajerí, are collaborating to study the situation. Their initial assessment suggests that there is no significant threat at this time.
The U.S. executive order tightens the monitoring of cross-border financial transactions and the identification documents used to open bank accounts or access other banking services.
This new measure from President Donald Trump could bring banking and financial records under scrutiny as part of immigration checks, increasing oversight of many migrants’ activities.
According to the White House, Trump signed the order on May 19, instructing banks and financial regulatory bodies to monitor suspicious signs related to customers’ citizenship and immigration status. This initiative is viewed as part of a broader campaign against illegal immigration.
In a press release, Trump stated, “Many of these borrowers fear deportation or losing their jobs due to their employers’ compliance with immigration laws. Lending to foreigners without legal work permits is not prudent for the banking system. Providing loans to those at high risk of losing their income creates a crisis in ‘debt repayment capacity.’ This situation undermines the safety and stability of our national banking system.”
Meanwhile, discussions are ongoing in the U.S. Congress regarding a proposal to impose a 5% tax on remittances sent abroad. Currently, only cash transactions are subject to a 1% tax.
Mexican officials argue that such a tax would be akin to “double taxation,” as Mexican migrants already pay taxes in the U.S. Remittances are considered a significant source of foreign currency for Mexico’s economy.
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