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China ‘Underground Banks Laundered $50m Drug Cash’ – G’dian

US investigation “uncovered a partnership between Sinaloa cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money”


US Attorney General Merrick Garland talks to a reporter in front of images of hundreds of fentanyl overdose victims (Toronto Star).

 

The US Justice Department says Chinese “underground bankers” laundered more than $50m in drug money for  Mexico’s Sinaloa crime cartel, according to a report by The Guardian, which noted that the claim was made in an indictment unsealed in a Californian court, with Drug Enforcement Agency chief Anne Milgram saying a years-long investigation “uncovered a partnership between Sinaloa cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money.”

“Drug traffickers increasingly have partnered with Chinese underground money exchanges to take advantage of the large demand for US dollars from Chinese nationals,” it said, adding that China and Mexico had each arrested one individual linked to the case, while $5 million in drug proceeds, plus 137 kilograms of cocaine had been seized. The DoJ said 20 of 24 defendants would appear in an LA court in coming weeks.

The Sinaloa cartel is said to have created a global network to oversee the trade in fentanyl, which is blamed for causing over 100,000 overdose deaths a year in the US, higher than car and gun fatalities combined, which has led to the US government seeking help from Beijing to help control the deadly trade.

Read the full report: The Guardian.

 

ALSO SEE:

Scamming Compounds in SE Asia Stole $64 Billion in 2023: Report

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High-Tech Asian Crime Wave: Cyber Scams, Casinos Loot Billions

Big Tech ‘Doing Little’ to Counter Rampant Scams on Social Media

US Sanctions 8 Chinese Drug Companies for Fentanyl Trade

Macau Junket King Alvin Chau Gets 18 Years For Casino Crimes

Crime Gangs Control Some Myanmar, Laos Economic Zones: UN

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.

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