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Federal authorities allege that a Chinese money-laundering network bought dollars at a discount from Mexico’s Sinaloa drug cartel and sold them at a premium, largely to Chinese nationals in the U.S. The network allegedly handled some $50m in proceeds from drug trafficking over four years, depositing a portion of the tainted cash at ATMs and teller windows at major banks including Citibank in cities around Los Angeles County, according to federal prosecutors.
“U.S. banks are a prime candidate for exploitation and there are vulnerabilities which Chinese money brokers have been able to take advantage of over the course of many years,” said Frank Tarentino, special agent in charge of the Drug Enforcement Administration’s New York office.
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