Special Report: Burner phones and banking apps: Meet the Chinese 'brokers' laundering Mexican drug money

Reuters ^ | December 3, 20204:57 AMUpdated 5 days ago | By Drazen Jorgic

[thecodont]

GUADALAJARA (Reuters) - Early next year, a Chinese businessman named Gan Xianbing will be sentenced in a Chicago courtroom for laundering just over $530,000 in Mexican cartel drug money.

Gan, 50, was convicted in February of money laundering and operating an unlicensed money-transfer business that whisked cartel cash from U.S. drug sales offshore. Gan has maintained his innocence; his lawyers say he was entrapped by U.S. authorities. The trial garnered few headlines and little of the public fascination reserved for kingpins of powerful narcotics syndicates that U.S. federal prosecutors said Gan served.

Still, U.S. law enforcement officials told Reuters that Chinese “money brokers” such as Gan represent one of the most worrisome new threats in their war on drugs. They say small cells of Chinese criminals have upended the way narcotics cash is laundered and are displacing the Mexican and Colombian money men that have long dominated the trade.

[eyeamok]

This is what happens when you don’t use the CIA and FBI sanctioned methods of Laundering Money that allows them to get their cut, see HSBC

[minnesota_bound]

Drug cartels send money to China who launders the money : ) <- get it chines laundry. So funny....

Countrywide Financial who Bank of America was forced to buy in 2008 was laundering drug money along with selling bad home loans as good loans to anyone. Owner Angelo Mozilo never went to jail.
https://money.cnn.com/2018/06/06/news/companies/angelo-mozilo-countrywide-2008/index.html

[NobleFree]

Demand for their services is being driven by affluent Chinese looking to evade China’s currency controls and move wealth abroad, the DEA officials told Reuters. Beijing limits the amount of money its citizens can transfer out of China to the equivalent of $50,000 U.S. dollars annually.

Latin American cartels, flush with dollars and euros from drug sales, are uniquely placed to satisfy the Chinese appetite for hard currencies.

The War on Supply and Demand can never be won - not even by totalitarian China, much less our Land of the Free.