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Chinese 'underground bankers' launder Sinaloa drug money: US

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United States

LOS ANGELES: The US Justice Department on Tuesday (Jun 18) accused Chinese "underground bankers" of helping Mexico's Sinaloa Cartel launder more than US$50 million in drug trafficking proceeds.

LOS ANGELES: The US Justice Department on Tuesday accused Chinese"underground bankers" of helping Mexico's Sinaloa Cartel launder more than US$50 million in drug trafficking proceeds.

Drug Enforcement Administration chief Anne Milgram said a multi-year investigation dubbed"Operation Fortune Runner" had"uncovered a partnership between Sinaloa Cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money". Chinese nationals are barred by that country's laws from moving more than US$50,000 a year out of China, it said, and some individuals seeking to move more than that seek"informal alternatives" to move funds.

 

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