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Home – Crime News – How the Toxic Relationship Between Cartels and Chinese Money Launderers Costs American Investors 

How the Toxic Relationship Between Cartels and Chinese Money Launderers Costs American Investors 

The king of cocaine wrote off an estimated $2.1 billion each year due to chunks of cash being eaten by rats (whether those “rats” were animals or people, the record is unclear). According to Pablo Escobar’s brother and accountant, Roberto, the cartel accumulated so much cash that it could hardly keep track of it. That write-off is nearly twice the $1.2 billion Bank of America now must pay for violating federal anti-money-laundering laws. 

But the consequences of money laundering extend far beyond missing cartel cash or billion-dollar bank penalties. Few people are passionate about ones and zeroes, but most Americans care about human trafficking, fentanyl syndicates, gas prices, avocado farmers, and the future of the American dream. Money laundering enables criminal organizations to threaten the things Americans care about, while the resulting illicit financial activity can undermine legitimate American businesses. 

When criminal enterprises are allowed to exploit free markets, public confidence in capitalism suffers, potentially making alternatives like socialism more appealing. 

Bank of America’s stock promptly plummeted more than 8% after the news broke, issuing a stinging blow to shareholders who presumably expected that the company would not willfully violate the Bank Secrecy Act, fail to promptly report more than $5 billion in suspicious transactions, or leave itself vulnerable to potential illicit activity involving Mexican cartels and Chinese money-laundering networks (organizations so common that they have earned their own acronym within federal crime reports, CMLNs). 

Bank of America is not the only bank facing scrutiny over its anti-money-laundering practices. Other financial institutions would be wise to ensure compliance with relevant Financial Crimes Enforcement Network (FinCEN)........

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