As Chinese money laundering organizations (“CMLOs”) continue to expand their networks across Italy, Mexico, and the United States, governments are taking notice and cracking down. How will your business be impacted?
As a former Drug Enforcement Administration agent, Managing Director Christopher Urben is an experienced investigator with a deep understanding of why CMLOs are the preferred partner for cartels worldwide. When speaking with Milenio, Chris explained: “Chinese money laundering networks collect only one or two percent of the total recycled money and have the capacity to immediately pay traffickers in Mexico, in addition to guaranteeing the return of the laundered funds.” Read more.
Amid the effort to stymie the flow of drug proceeds linked to Mexican cartels into the United States, the Financial Crimes Enforcement Network is now requiring money-services businesses in select Texas and California counties to flag cash transactions greater than $200, rather than the standard $10,000 threshold. When speaking with the Dow Jones Risk Journal, Chris puts the shift into context: “This is part of a broader strategy to utilize these authorities, to make it more difficult for the private sector that facilitates the laundering of cartel-connected funds to ensure alignment with U.S. law and regulatory policy, in light of the cartels being designated as terrorist organizations.” Read more.
This legal and compliance landscape presents significant risks for global companies. Here are the questions you should be asking.
