Jan 30, 2012

Mexico Politics: Veracruz government employee caught at airport carrying 25 million pesos in cash

See followup article reporting that the Veracruz state government says this was part of a legitimate transaction to pay for services at three festivals in Veracruz and it wants the cash back. The arrested men have been released.

Mexico has a large "informal economy," up to 40% of the total, which is composed of street vendors and small enterprizes that operate outside the formal structure. In the formal economy, where businesses are registered with the government, taxes are paid and, in return, government social benefits such as health care are provided to employees. In the informal, cash economy, these taxes are avoided. By far, this Veracruz transaction is the biggest "informal" transaction we have heard of.

Milenio: "The federal Attorney General's Office (PGR) is investigating the origin of 25 million pesos (about $1,800,000 dollars) that were found in the suitcase of a Veracruz government employee at the airport in Toluca, Mexico State on Jan. 27.  Authorities reported that Miguel Morales Robles was handed over to federal authorities to determine the source of the cash and the probable commission of any crime.  Morales Robles arrived at the Toluca airport from Jalapa, Veracruz, (the state capital) and could not explain the origin or destination of the money." Spanish original 

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