US-CHINA TRADE WAR OPENS DOORS FOR MEXICAN DRUG CARTELS TO LAUNDER DOLLARS

On 21st October, KYC 360 reported that US federal law enforcement officials in Oregon say they’ve uncovered an elaborate scheme to convert Mexican drug profits from sales in the US back into pesos using Chinese citizens who seek to circumvent their country’s banking laws.  It says that Mexican drug cartels are taking advantage of the trade war between the US and China, which law enforcement officials say has increased the demand for US dollars among wealthy Chinese citizens living abroad as China has clamped down on its banking rules.  It is alleged that 3 Chinese nationals travelled the country selling large amounts of U.S. dollars that were the proceeds of illegal drug sales to other Chinese citizens living in the US.  Chinese living outside the country to access only $50,000 per person annually from their bank accounts, which isn’t enough for some wealthy Chinese.  Mexican banking laws limit the amount of US dollars that can be deposited into accounts to $4,000 per month.

https://www.riskscreen.com/kyc360/news/prosecutors-trade-war-opens-doors-for-mexican-drug-cartels/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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