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Weekly Roundup: Cartels Turn to Trade-Based Laundering, Madoff Accomplice Pleads Guilty, and More
printMexican drug cartels are increasingly turning toward trade-based laundering that makes use of common goods to transfer narcotics proceeds across borders undetected, the Los Angeles Times reported Monday. Drug money is used to purchase fabrics and fruits, for example, which are shipped to Colombia and Mexico under the guise of legitimacy. The shift has been prompted by Mexico's decision to restrict deposits of U.S. dollars and plans to limit large cash purchases, the newspaper said. More The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) told banks Tuesday that it was postponing the deadline for switching to new currency transaction...
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Reading the documentation accompanying JPMorgan Chase's record $2.05 billion settlement for failing to report Bernie Madoff's suspicious transactions, one might reasonably ask how a fire with so much smoke could have burned for so long.
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