US authorities have charged over 20 people for their alleged role in a sophisticated international money laundering organization involved in laundering over $6 million in drug trafficking proceeds. The illicit proceeds originated from Colombian cartels and were laundered through the US, Caribbean and European banking systems. The defendants have been arrested from Florida, Jamaica and Colombia. US authorities will be seeking extradition of the Colombian and Jamaican defendants.
The authorities have seized $1 million from corporate bank accounts. Moreover, they have allegedly traced back over 3,000 kilograms of cocaine, worth over $90 million, to the money laundering organization.
During 2016-21, the organization allegedly laundered over $6 million in drug proceeds through the Colombian Black Market Peso Exchange (BMPE). This helped them conceal the drug trafficking activity and the illicit proceeds from law enforcement. Note that the BMPE allows Colombian drug trafficking organizations with US-generated drug proceeds to use Colombia-based brokers to exchange Colombian pesos for the dollar proceeds.
Source: US Department of Justice
