March 27, 2023

Mexican drug lords cooperate with Chinese underground banks to launder money

Propublica’s investigationDisclosed an underground bank operating in North America and Asia, to launder the proceeds of Mexican drug lords from drug trafficking in the United States, and to help Chinese rich get usable U.S. dollars in the United States, which can be used to buy real estate or pay for American college fees. Mexican drug lords supply the U.S. market with all kinds of drugs, but how do they remit the proceeds to Mexico? During the investigation, agents of the U.S. Drug Enforcement Administration identified Xizhi Li, a Chinese national who played the role of a middleman. Investigators found that members of the drug lord in the United States would send a box of cash to Chinatown to the connector, who had no criminal record, or was a student, a waiter, or a driver, and the secret code they used was a dollar bill serial number. photo. The investigation uncovered an underground bank operating in Asia and the Americas. Here’s how Li’s system works: A drug dealer in the U.S. gives a connector a box of dollars, who sends a photo to Li confirming that Li’s organization in Mexico will send the equivalent of Mexican pesos to the drug lord within a day, a process comparable to For bank transfers, Li only charges a 2% commission; rich Chinese who buy real estate in the United States buy U.S. dollars from Li; the rich transfer renminbi to a bank account controlled by Li in China, and Li will charge 10% or more in the process commission; Li provides renminbi to Mexican companies that need to buy goods in China; the Mexican company pays Li in pesos or dollars, the entire transaction is completed, and the money is laundered. Li was arrested in Mexico in 2019 and extradited to the United States to serve a 15-year sentence.

Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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