Victor Ugochukwu · Dec 1, 2020 . 8min read
U.S. indicts 6 Chinese nationals for laundering money for Mexican drug cartels
The U.S. DoJ has filed charges against 6 individuals involved in funneling illicit drug money to the Mexican drug cartels.
By Komal Joshi · Oct 18, 2020 . 5min read
According to court documents listed on Thursday, the U.S. Department of Justice has charged six Chinese nationals to plan to distribute cocaine and laundering the illegal funds for Mexican drug cartels. According to court documents, the defendants made millions in an alleged scheme that proceeded from 2008 to late last month. They are included in funnelling illegal drug money to traffickers in Latin America, including the feared Sinaloa cartel.
The document claims that persons laundered these funds through cryptocurrency and casinos. It also states that money laundering frequently makes the lists in crypto crimes. Many criminals utilize digital currency to avoid coming in the eyes of authorities.
Defendants used to trade products through black markets.
However, prosecutors claim that the men laundered their drug proceeds by buying products in the U.S. and sending them to China. Moreover, they traded the products via black market merchants in China. The indictment states that the money was transferred back to drug traffickers in Latin America, usually Mexicans, by Chinese currency. Further, the indictment says that these efforts require proper care and skill in money laundering.
One of the suspects, Tao Liu, was charged with attempting to bribe two men, who turned out to be undercover Drug Enforcement Administration agents, in order to obtain counterfeit passports. The other five men listed in court documents as Xizhi Li, Eric Yong Woo, Jingyan Li, Jianxing Chen, Jiayu Chen. According to the indictment, the men were all born in China. However, they now reside in California, New York, and various Latin American countries.
According to the documents, all of the suspects except for Jiayu Chen are into custody. It was not directly clear if they had appointed lawyers. Overall, approximately there are 14 charges against the defendants. Some of these include attempted identity fraud, conspiracy to commit money laundering, and so on. As per the document, they can face 10-year jail time at a minimum for each person. This involves a maximum sentence of life imprisonment.
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Komal Joshi · Nov 30, 2020 . 5min read