Chinese ‘underground bankers’ launder Sinaloa cartel drug money, US says
- A syndicate operating in Los Angeles and China is accused of helping transfer over US$50 million in drug profits from the US to Mexico
The US Justice Department on Tuesday accused Chinese “underground bankers” of helping Mexico’s Sinaloa cartel launder more than US$50 million in drug trafficking proceeds.
An indictment unsealed in California charged 24 defendants with conspiracy to distribute cocaine and methamphetamine and money laundering offences.
Drug Enforcement Administration (DEA) chief Anne Milgram said a multi-year investigation dubbed “Operation Fortune Runner” had “uncovered a partnership between Sinaloa Cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money”.
The Justice Department said the Chinese “underground bankers” had helped the cartel transfer drug profits from the United States to Mexico.
Chinese nationals are barred by that country’s laws from moving more than US$50,000 a year out of China, it said, and some individuals seeking to move more than that seek “informal alternatives” to move funds.