May 2, 2021

MoneyLaundering

Chinese money-laundering rings in Chicago, New York cleaning Mexican drug cartel cash

A Chinese money-launderer was about to pick up Mexican drug-cartel cash in Chicago, federal authorities say, when his plans suddenly changed.

They say the suspected launderer got a call from a man he thought was a Mexican money courier who told him they needed to change their meeting place because he’d spotted a cop.

“You Asian, I’m Mexican — not a good look,” the courier said in the 2017 phone call, court records show.

So they picked a different address to meet. They described their cars to each other. And when they met on the Southwest Side, they had a

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Bringing New Money-Laundering Law Into Force Falls to Tiny Treasury Unit

Over the next year, a small, relatively obscure bureau of the U.S. Treasury Department will take a lead role in plugging what many experts consider the biggest hole in the U.S.’s anti-money-laundering protections.

It won’t be easy for the Financial Crimes Enforcement Network, say experts and almost a dozen former Treasury officials and veterans of the bureau. Sweeping anti-money-laundering legislation, approved this year, requires the agency to build a state-of-the-art corporate ownership registry meant to help authorities unmask the beneficial owners of anonymous shell companies and track the flow of illicit money.

FinCEN—whose roughly 300 employees account for less than

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