Posted on 12/07/2020 5:43:55 PM PST by 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.
(Excerpt) Read more at reuters.com ...
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
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
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.