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.
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