Record Remittances from US to Mexico Raise Money Laundering Concerns

09/01/2021

Source: Insight Crime

The Mexican government is highlighting a record number of remittances sent back to the country by citizens living in the United States this year amid the COVID-19 pandemic, but organized crime groups have long exploited these transfers to launder ill-gotten proceeds.

Mexico’s Central Bank (Banco de México – Banxico) reported that more than $28 billion in remittances have been sent from the United States during the first seven months of 2021, according to official data.

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How Chinese Criminals Secretly Move Millions for Mexico Cartels

05/12/2021

Source: Insight Crime

While the involvement of Chinese money-laundering rings in handling drug proceeds from Mexico is nothing new, a number of recent court cases in the United States have revealed crucial information about how these schemes work.

InSight Crime looks at how colossal amounts of money are being laundered, the seemingly legitimate businessmen behind it all and why US prosecutors are stumped about how to proceed.

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Mexico passes law to combat cartel money laundering

Reuters, 10/12/2012

Mexico’s Congress on Thursday approved a long-awaited law to crack down on money laundering in a bid to attack the finances of the country’s powerful drug cartels.

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Security Cooperation Resources: U.S. Department of State Documents

January 1, 2012

U.S.-Mexico security cooperation has increased dramatically as a byproduct of the Mérida Initiative, a security cooperation initiative between the United States and Mexico. The Initiative was designed to strengthen cooperation and build trust among countries in the region to better combat drug trafficking and organized crime. The following are official U.S. Department of State documents on U.S.-Mexico security cooperation and the Mérida Initiative.