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Money Laundering Scheme Transferred Over $12 Million to South American Countries

Six people were convicted and sentenced for their involvement in a $12 million money laundering scheme. The scheme involved the wire transfers of drug proceeds to South American countries for the benefit of drug cartels.

The defendants deposited drug proceeds into more than 50 bank accounts in the name of front companies, and then transferred the funds to various countries. The defendants also wired nearly $1 million through money transmitting businesses in amounts under $10,000 in an attempt to avoid federal reporting requirements.

This case originated with the filing of a Suspicious Activity Report and was investigated by Internal Revenue Service-Criminal Investigation.

(Source: Internal Revenue Service)

[Published in The SAR Activity Review Trends, Tips & Issues, Issue 9, October 2005]