MEXICO CITY, May 21 (Xinhua) -- Mexico will analyze the potential impact on remittances of a new U.S. executive order that would restrict undocumented migrants' access to U.S. financial services, Mexican President Claudia Sheinbaum said Thursday.
At her daily press conference, reporters asked Sheinbaum whether the U.S. measure would affect the flow of remittances -- the money that Mexicans working in the United States send to their families back home.
According to Sheinbaum, the finance ministry and Mexico's newly appointed ambassador to the United States, Roberto Lazzeri, are analyzing the measure jointly, but so far they have concluded there is "no major risk."
The U.S. executive order tightens oversight of cross-border transfers and of identifications used to open bank accounts or apply for other banking services.
Meanwhile, the U.S. Congress is considering a proposal to impose a 5 percent tax on remittances. Currently, only cash-based transfers are subject to a 1 percent tax.
Mexican officials argue that such a measure would be tantamount to "double taxation," since Mexican migrants already pay taxes in the United States.
Remittances are among Mexico's largest sources of foreign currency inflows. ■
