Posted on 04/01/2021 10:03:02 AM PDT by SeekAndFind
Chinese "money brokers," working for Latin American drug gangs, are quickly displacing Mexican and Colombian money launders.
With burner phones and Chinese banking apps, the gangs are "moving vast sums quickly and quietly." As a result, they are taking over the movement of dirty cash, especially in Mexico. For instance, one Chinese ring, based in Guadalajara, worked for the Sinaloa Cartel and other drug gangs. Criminals from China, in the words of federal prosecutors, "have come to dominate international money laundering markets."
"I look at this hemisphere as the front line of competition," said Admiral Craig Faller, the commander of U.S. Southern Command, to the Senate Armed Services Committee earlier this month.
He called Chinese activities "insidious." "One of the prime sources that underwrites their efforts is Chinese money laundering," Admiral Faller stated.
The Chinese Communist Party is, either directly or indirectly, responsible for money laundering for Latin America drug gangs—and others. The Party runs a near-total surveillance state and tightly controls the Chinese banking system. Most of China's large banks are either wholly or majority-owned by the state.
No one could launder sums through the Chinese financial system without the knowledge of the regime, especially given the regime's near-total surveillance state.
Even if the Chinese regime is not a direct participant in the money laundering, it at least knows about these activities and chooses to let them continue. As Reuters reported, China's authorities did not cooperate with U.S. requests for assistance in connection with the Chinese gang in Guadalajara.
Beijing has also been uncooperative regarding large and far-flung Chinese drug gangs, which are responsible for much of illegal fentanyl pouring into the United States through the southern border. Fentanyl and precursor agents are often either cooked in Chinese labs and smuggled into the U.S. through Mexico
(Excerpt) Read more at newsweek.com ...
Chinese ought be easy to distinguish from the locals.
Be a shame if something happened to them.
Just sayin’...
This is what makes me want to help India to take on China.
They don’t care as long as they get their cut.....
Asking for a friend curious about different business structures.
In the legal savings market, banks are heavily regulated.
So, it makes me wonder, what’s the counterparty risk here? What are the odds that someone’s money is successfully laundered and returned (less the laundry fee)? What extra-legal means are used to provide customer re-assurance?
Gordon Chang. A wannabe Asian Churchill.
Follow the money.
Probably just dirty banks following no rules.
“Our ‘Front Line’ With China Is the Mexico Border...”
There is no front line. Their 5th column, the democrats, are everywhere.
“..have come to dominate international money laundering markets.”
They are incredible entrepreneurs aren’t they.
For a moment there I thought that the article was talking about the Biden regime. How much of this money and drugs are making its way into Democrat pockets with a cut for the Big Guy?
And the CCP moves in to take over another sector of the US and Mexican economy. As a side note, the number one obsession in China is making money to the exclusion of all else.
Follow the money to Biden and democrat reps and senators.
We no longer have a border and China sets the terms.
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