US real estate firms forfeit over $50M to federal government after cross-border 'peso exchange' laundering scandal - AML Intelligence
AML Intelligence
Business Intelligence on AML and Financial Crime for Executive Leaders

North America, Regulatory

US real estate firms forfeit over $50M to federal government after cross-border ‘peso exchange’ laundering scandal

Black-market peso exchange laundering scandal

The entrance signage for the United States Department of Justice Building in Washington DC, USA.

By Vish Gain for AMLi

Three US real estate firms have forfeited over $50 million to the federal government after an investigation revealed the defendants accepted millions from international narcotics proceeds laundered through the shadow financial system.

The system known as the Black-Market Peso Exchange allows drug trafficking organisations to transfer narcotics proceeds from the United States to the country in which they operate while concealing the source and nature of the funds. The investigators found that the three firms had reinvested the proceeds into various real estate ventures.

Login here or become a subscriber to AML Intelligence.
Login Subscribe Now