Mexican President Claudia Sheinbaum has announced a reduction in the tax on remittances sent to Mexico from the United States, lowering it from 3.5% to 1%. Sheinbaum also declared that this 1% tax would only apply to 10% of all remittances and promised reimbursement to Mexican citizens for the tax paid. The Mexican government, along with the Senate and the migrant community, has been credited for this achievement. To facilitate remittance transfers and avoid the 1% tax, the government introduced the Finabien card, available at 52 Mexican consulates in the U.S., which allows electronic transfers without the tax. Authorities have emphasized that using the Finabien card complies with U.S. law and promotes regulated, traceable financial instruments. Meanwhile, Banorte, one of Mexico’s largest banks, is enhancing its technology and compliance measures and reviewing customer activities following U.S. accusations of money laundering against three smaller Mexican financial firms: CIBanco, Intercam, and Vector. The Mexican Stock Exchange (BMV) is also accelerating containment mechanisms in response to these allegations, acknowledging ongoing challenges in the sector.