Mexico to unfreeze 28 Cruz Azul's bank accounts amid money laundering investigation

The UIF is also investigating Guillermo Álvarez over irregular invoices worth MXN $300 million to front companies

Mexico to unfreeze 28 Cruz Azul's bank accounts amid money laundering investigation
Guillermo Álvarez is the president of the Cruz Azul Cooperative - Photo: Rafael Vadillo/EL UNIVERSAL
English 17/06/2020 18:16 Diana Lastiri Mexico City Actualizada 18:36

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A federal court ordered to completely unfreeze 28 bank accounts of the Cruz Azul Cooperative that are part of the investigations of Mexico’s Finance Intelligence Unit (UIF) over irregularities.

The temporary suspension was granted so that the company has access to 18 bank accounts an amparo judge did not unlock by considering it did not prove, with original documents, to be the holder and 10 others that were partially unfrozen.

This, despite the UIF had already unfrozen some account so that the company could pay its employees.

In the resolution, it was said that the UIF did not prove the block was derived from a request by authorities abroad or an international organization.

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“There is no evidence that ¨the UIF had documents that prove the existence of an express request on blocking the accounts issued by a foreign authority or an international organization that has power in the matter and the authority to make such a request according to a bilateral or multilateral agreement,” said the court.

“The requested measure is granted for the effect that orders to unblock the bank accounts so that the plaintiff can perform finance operations and used its resources,” it said.

The court added it was wrong for a judge to deny the suspension of the block to 18 accounts arguing the company had not proven it was the holder with the simple copies it presented.

“Although they are not sufficient to create full conviction over the existence of the original from which they were obtained, their existence must be assumed, unless there is evidence of the contrary,” they said.

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Judge Laura Gutiérrez expects to determine on Monday whether to grant the permanent suspension of the block ordered by the UIF.

The bank accounts were blocked on May 28 and the next day the UIF itself unfroze some of them so that employees could receive their payment.

In addition to this case, the UIF has an open investigation against Guillermo Álvarez, the president of Cruz Azul, over irregular invoices for MXN $300 million to front companies.

EL UNIVERSAL informed that Álvarez appeared before the UIF to know the investigations against him and, in the coming days, he should resolve the observations of the unit led by Santiago Nieto.

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