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Our Illicit Trade Director @cmavrellis testifying at @GOPoversight hearing.
"The drivers behind the involvement of Chinese Money Laundering Organizations are solidly linked to other countries domestic policies, not U.S. immigration"
Our Illicit Trade Director @cmavrellis testifying at @GOPoversight hearing.
"The drivers behind the involvement of Chinese Money Laundering Organizations are solidly linked to other countries domestic policies, not U.S. immigration"
"While other professional MLOs profit from the purchase of criminal proceeds, CMLOs’ primary objective is to gain access to U.S. dollars outside of formal channels in order to evade #China’s currency controls" @cmavrellis at @GOPoversight
"Another “tried and true” method that has been frequently used by both CMLOs and narcotics traffickers is the black-market peso exchange (BMPE), a type of trade-based money laundering scheme that is particularly difficult to detect" @cmavrellis @GOPoversight
"BMPE schemes have often been conducted as a two-country transaction involving the destination and source countries, for example the U.S. and #Colombia. With the involvement of CMLOs, the schemes have now become three-country transactions" @cmavrellis @GOPoversight
"As long as CMLOs can provide low commission rates, near real-time mirror exchanges, and handle large volumes of cash, they will remain a preferred money laundering service for DTOs" @cmavrellis @GOPoversight
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