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Cartels Using Mirror Accounts in U.S. and Mexico to Launder Funds, Say Regulators
By Brian Monroe
printMexican cartel members are exploiting mirror accounts in the United States and Mexico to launder money and evade U.S. dollar deposit restrictions, financial regulators said Thursday. Following Mexico's decision to limit the amount of U.S. cash that can be deposited in Mexican banks, the "change in currency flows has been quite significant," said John Wagner, director of compliance at the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC), speaking at an anti-money laundering (AML) conference in Miami. To place drug proceeds into Mexican banks, cartel members are crossing into the United States with U.S. dollars that have...
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