Mexico high on fraud survey

(Vatican Radio) Mexico is second to none apart from China, when it comes to financial losses due to tax evasion, corruption and crime. Mexico's unenviable losses because of these triple negative factors add up to 476 billion dollars over the last ten years, according to Global Financial Integrity, which is based in Washington. Another report stated that Mexican business lost nine billion dollars due to all of this last year alone. Mexico's Census says that six out of ten companies contacted didn't report crime to authorities. While the Annual Global Fraud Survey said almost fifty percent of the multi national companies in Mexico admit they're vulnerable to corruption. Mexico's illicit narcotics trade, which is a vast illegal industry has an annual turnover exceeding 40 billion dollars. Yet less than one hundred people were convicted of money laundering during the entire six years of the last Administration led by President Felipe Calderon. The challenge which lies ahead for new President Enrique Peña Nieto is vast. He is pledging a radical change of course as well as a coordinated and integrated strategy to tackle this crisis.

Listen to the report by correspondent James Blears: