Sunday, February 12, 2012

Congress is Warned of Sinaloa Cartel’s “El Chapo” Laundering Drug Money in US

Photo Credits: El Chapo Laundering Money

The Justice Department told the U.S. Congress that the Sinaloa cartel, headed by Joaquin El Chapo Guzman, uses US “business-fronts” to launder their profits in America.

Jennifer Shasky, chief of the Section of Forfeiture and Money Laundering Criminal Division of the Justice Department, said that “U.S. law enforcement agencies believe that the Sinaloa cartel, one of the largest drug trafficking organizations in Mexico, using companies in the United States- to launder drug proceeds. “

“Financial intelligence systems of the United States are investigating U.S. companies that could be washing illicit funds Sinaloa cartel,” said the official to the Judicial Committee of the House during a hearing on the threat from money laundering to financial systems and national security.

“Despite the United States efforts against money laundering in the U.S., its effectiveness depends on a rigorous implementation. When banks are infiltrated by the Cartels sometimes they let their guard down. She noted that new reports from the Research Office on Drugs and Crime, the United Nations Organization (UNO) and the Department of Justice show that more than 1.6 billion dollars are laundered in the global financial system.

Of that amount, 580 billion dollars are illegal profits from the sale of drugs, he said.

The officials warned Congress that Mexican Drug Cartels have expanded operations and grown in sophistication to move their illicit gains through the American system.

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