Sunday, November 27, 2011

U.S. Banks and the Cartels

Money launderers for ruthless Mexican drug gangs have long had a formidable ally: international banks.

Despite strict rules set by international regulatory bodies that require banks to "know their customer," make inquiries about the source of large deposits of cash and report suspicious activity, they have failed to do so in a number of high-profile cases and instead have allowed billions in dirty money to be laundered...MORE

---------DIRTY MONEY

U.S. blacklisting seems to have little consequence in Mexico

Washington employs sanctions in an effort to deter money launderers and others who serve drug traffickers, but evidence shows that being put on the 'kingpin designation list' doesn't cause hardship.

The U.S. government has blacklisted more Mexican individuals and companies this year than any other single country or group — and that includes North Korea, Iran, Syria and Al Qaeda.

Three hundred Mexicans and 180 Mexican companies are on the so-called kingpin designation list, the Treasury Department's roster of people and entities suspected of laundering money for drug traffickers or working for them in other capacities...MORE

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