China’s strict capital controls have created the perfect market for money laundering efforts — but authorities are catching on.
Chinese renminbi have become a currency of choice for money laundering. Credit: Japanexperterna.se, Creative Commons
Last October, the Justice Department unsealed an indictment in Alexandria, Virginia that charged six individuals with conspiring on American soil to launder $30 million in illicit proceeds for Latin American drug cartels.
According to the authorities, the sophisticated crimes were perpetrated with fake identities, shell companies and a network of brokers who — for a fee — found ways to move the illicit money from the streets of America, where the drugs were sold, to drug trafficking
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