Chinese money laundering organizations have created a heightened risk environment in the United States.
In their recent article, How Dirty Money from Fentanyl Sales is Flowing Through China, The Wall Street Journal spoke with Chris Urben about how Chinese money brokers put themselves in an optimal position to team up with Mexican cartels, greasing the wheels of the fentanyl trade. During his time at the DEA, Chris saw firsthand the emergence of Chinese money launderers in the New York area: “When the Colombians controlled it [the laundering of drug proceeds], it cost 7% to 10%. The Chinese were charging 1% to 2%. It was unheard of…all of a sudden, we were seeing Chinese money launderers picking up drug money all across the U.S.”
Chris continues to leverage his expertise at Nardello & Co., where he protects institutions, organizations, and individuals from inadvertently participating in illicit Chinese money transfer activities. Learn more about Chris’ practice, here.
