Posted on 10/23/2016 4:08:33 PM PDT by heterosupremacist
NEW YORK (AP) -- In the photos, Alejandra Salgado and her little brother Francisco look like ordinary tourists strolling the streets of midtown Manhattan. He carries a shopping bag. She wears a white dress, a necklace and a leather tote slung over one shoulder.
But the outings were hardly innocent.
Over two hours, federal agents snapped pictures as the pair visited seven banks, stopping at each one to make cash deposits of just under $10,000 - all from piles of drug money stashed in their bags.
Prosecutors say the flurry of modest deposits was one of the many schemes hatched by Mexican crime cartels trying to bring billions of dollars in drug proceeds back from the United States without attracting scrutiny from banking regulators.
The cartels collect much of their cash proceeds from the U.S. market much the way the cocaine and other drugs come in, by sneaking it across the border.
But using regular banks remains in the mix, said James Hunt, head of the Drug Enforcement Administration's New York City office. The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government. The benefit, he said, is that if investigators do catch onto such a scheme, less cash gets confiscated. The bagmen also often face less jail time.
(Excerpt) Read more at hosted.ap.org ...
They should have made a donation to the Clinton Foundation.
All would have been forgiven - no criminal intent.
How does Jon Corzine walk as a free man?
They ought to check gambling meccas. Casino chips are untraceable.
The cartels can buy zillions.....and cash them in around the globe.
Banks are wise to that trick.
That's all I'm saying.
Making deposits Americans can’t make.
Wow, they were dumber than fence posts. The could have directly deposited the money with HSBC or other Federal Reserve approved banks without the hassle or risk of prosecution. Do you think Comey or Lynch would damage their own revenue streams with prosecution?
suspicious - cash wealth
unsuspicious - non-cash wealth
More and more the US cash is converted to US goods, say Coach luxury handbags.
They export the US handbags to Mexico. The handbags are sold for Pesos.
The Pesos are deposited.
In a huge hurry the bags could even be sold for a loss.
Explain
10,000 or more requires a form to the Feds
Why can’t the Cartel just open an Account at HSBC like the Governments of the World do??
Richard Nixon's (Orwellian-titled) "Bank Secrecy Act of 1970" requires banks to report to to the federal government any cash deposits over $10,000. The constitutionality of the Act was upheld by the Supreme Court in 1974, in an opinion by Justice Rehnquist; the court's liberals (Douglas and Brennan) dissented.
Not if you are HSBC. They and several other banks laundered billions for the drug cartels. The FBI investigated and the DOJ indicted no one. HSBC and other banks had their stock holders fined billions of dollars for the violations. Do a search on HSBC fined for money laundering.
I used to bank overseas with Hong Kong Shanghai Bank
In Zurich Hong Kong Miami NYC and Rimini
They sure didn’t offer me that favor in the USA
I did scores of those type deposits and withdrawals in the 80s and 90s and the IRS came after me declaring it all income
BCCI was the criminal bank then from Kuwait I believe
Not just any Juan, Jose or Manuel can walk in to an HSBC branch and make such a deposit without scrutiny.
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