Mexican Drug Cartels Sneak In $25 Billion A Year Using Bitcoin To Fund Operat...
It’s unsurprising that Bitcoin and other cryptocurrencies have found their way into the dangerous realm of drug cartels. According to law enforcement officials, cryptocurrency is developing as a new front in Latin America’s fight against gangs vying for control of massive illicit marketplaces for sex, drugs, guns, and people. In Mexico, it has been reported […]
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Mexican drug cartels generate a lot of profit in the USA, which is one of their main markets. How is this money transferred back to Mexico? Banks – the old favourite. In the past, drug cartels had cozy relationships with banks, which facilitated the transfer of drug proceeds. In 2012, HSBC reached a $1.9 Bn agreement with the United States admitting that it had enabled Mexican drug cartels to launder billions of dollars through its counters. The charges include failure to monitor more than $670 Bn of wire transfers and more than $9Bn of purchases of US dollars from HSBC Mexico. The....
The U.S. Department of Justice charged the six individuals for alleged involvement in laundering funds from Mexican drug cartels after an investigation spanning years.
A report from The International Narcotics Control Board (INCB) shows that bitcoin is not the preferred method for drug cartels and other criminal groups to launder money, they rather use banks. This opposes the widespread narrative that claims the digital coin creates the opportunity for crime. Said argument is often used to excuse the hostility […]
The head of a major Mexcian financial intelligence unit has complained that local law enforcement has only a quarter of the staff it needs to respond to crypto laundering from cartels. Mexican authorities report an increase in the use of crypto assets to launder funds by criminal syndicates in Latin America.In a Dec. 8 report from Reuters, the head of Mexico’s finance ministry’s financial intelligence unit, Santiago Nieto, described how cartels use crypto to launder money obtained in illicit activities.Neito asserts Latin cartels will typically deposit their ill-gotten gains into various....
News that is put out by the mainstream about Mexico runs the gamut. You listen to people who visit and live in Acapulco say it's a great place, modern and tourist friendly, with low crime. Closer to the northern U. S. border, issues with drug cartels, violent murder, and political intimidation and assassination are legion. Having never been there, what can be said for sure is Mexico is a large and diverse country, not unlike the U. S. or any other large country. What happens in one part doesn't represent the entire country, any more than Detroit or New York, are what the United States are....