HomeNewsBriefTraffickers Launder $85bn a Year in US
BRIEF

Traffickers Launder $85bn a Year in US

MONEY LAUNDERING / 9 FEB 2012 BY CHRISTOPHER LOOFT EN

According to a US Department of Justice official, international drug traffickers launder $85 billion a year in the United States.

El Universal reports that the Jennifer Shasky, chief of the department's Asset Foreclosure and Money Laundering Section, said the Sinaloa Cartel, one of the largest in Mexico, uses shell companies registered in the US as part of its money-laundering operations.

In her testimony, Shasky said that US law makes it easy to establish shell companies and difficult to investigate them.

InSight Crime Analysis

Shasky's testimony highlights the key role US businesses and financial institutions play in international money laundering.

The advanced, efficient financial system of the US allows traffickers to easily launder large amounts of money, with the added benefit of conferring legitimacy on the money that passes through it.

US authorities have been criticized for not taking action against the laundering of profits from organized crime through the banking system. One example is Wachovia bank, which was accused of wilfully failing to implement money laundering regulations, but managed to avoid prosecution.

share icon icon icon

Was this content helpful?

We want to sustain Latin America’s largest organized crime database, but in order to do so, we need resources.

DONATE

What are your thoughts? Click here to send InSight Crime your comments.

We encourage readers to copy and distribute our work for non-commercial purposes, with attribution to InSight Crime in the byline and links to the original at both the top and bottom of the article. Check the Creative Commons website for more details of how to share our work, and please send us an email if you use an article.

Was this content helpful?

We want to sustain Latin America’s largest organized crime database, but in order to do so, we need resources.

DONATE

Related Content

GUATEMALA / 13 APR 2015

Authorities in Mexico have captured the head of the Sinaloa Cartel's Central American operations, likely provoking even greater upheaval in…

MEXICO / 3 JUN 2011

A trio of Mexican brothers, thought to be Sinaloa Cartel operatives, await execution by hanging in Malaysia following…

COLOMBIA / 1 MAY 2013

Colombian officials have seized 11 tons of contraband meat near the border with Venezuela, which authorities have linked to the…

About InSight Crime

THE ORGANIZATION

InSight Crime Tackles Illegal Fishing

15 OCT 2021

In October, InSight Crime and American University’s Center for Latin American and Latino Studies (CLALS) began a year-long project on illegal, unreported, unregulated (IUU) fishing in…

THE ORGANIZATION

InSight Crime Featured in Handbook for Reporting on Organized Crime

8 OCT 2021

In late September, the Global Investigative Journalism Network (GIJN) published an excerpt of its forthcoming guide on reporting organized crime in Indonesia.

THE ORGANIZATION

Probing Organized Crime in Haiti

1 OCT 2021

InSight Crime has made it a priority to investigate organized crime in Haiti, where an impotent state is reeling after the July assassination of President Jovenel Moïse, coupled with an…

THE ORGANIZATION

Emergency First Aid in Hostile Environments

24 SEP 2021

At InSight Crime's annual treat, we ramped up hostile environment and emergency first aid training for our 40-member staff, many of whom conduct on-the-ground investigations in dangerous corners of the region.

THE ORGANIZATION

Series on Environmental Crime in the Amazon Generates Headlines

17 SEP 2021

InSight Crime and the Igarapé Institute have been delighted at the response to our joint investigation into environmental crimes in the Colombian Amazon. Coverage of our chapters dedicated to illegal mining…