US DoJ INDICTS 3 IN NOVEL NEW MONEY LAUNDERING METHOD USING CUBS – CHINESE UNDERGROUND BANKING SYSTEM – PAIRING MEXICAN TRAFFICKERS AND CHINESE NATIONALS

In its newsletter on 21st October, ACFCS reported that 3 people have been indicted for their roles in a complex scheme to launder nearly $30 million in illicit drug proceeds by transferring bulk cash from Mexican drug trafficking organisations to Chinese nationals residing in the US – an underground banking system that should be on the radar of financial crime compliance professionals.  According to the indictment, the defendants’ money laundering scheme was designed to remedy 2 separate problems: drug trafficking organisations’ inability to repatriate drug proceeds into the Mexican banking system and wealthy Chinese nationals restricted by China’s capital flight laws from transferring large sums of money held in Chinese bank accounts for use abroad.

https://www.acfcs.org/fincrime-briefing-fatf-update-laundering-risks-from-stablecoins-more-aml-pressure-on-brazil-mckinsey-tackles-cyberrisk-stanford-ponzi-settlement-and-more/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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