Federal prosecutors allege that the Sinaloa cartel laundered drug money with help from a San Gabriel Valley-based group with links to Chinese underground banking. Chinese nationals are generally restricted from moving more than $50,000 a year out of the country’s financial system. Estrada said the ring laundered more than $50 million in drug money over several years. Milgram said the San Gabriel Valley ring also collected a commission from the wealthy Chinese nationals who purchased dollars from the Sinaloa cartel. These Chinese nationals wanted to move their money into California to buy real estate, pay tuition and make investments in the U.S. financial system, Estrada said.

Source: Los Angeles Times June 19, 2024 15:11 UTC