Nov 27, 2011

Drug War - Money Laundering: Mexico seeks to fill drug war gap with focus on dirty money

An in-depth look at money laundering in the drug war: how it works and efforts by Mexico and the U.S. to stem the billion dollar tide. "Tainted drug money runs like whispered rumors all over Mexico's economy — in gleaming high-rises in beach resorts such as Cancun, in bustling casinos in Monterrey, in skyscrapers and restaurants in Mexico City that sit empty for months. It seeps into the construction sector, the night-life industry, even political campaigns.

Piles of greenbacks, enough to fill dump trucks, are transformed into gold watches, showrooms full of Hummers, aviation schools, yachts, thoroughbred horses and warehouses full of imported fabric. Officials here say the tide of laundered money could reach as high as $50 billion, a staggering sum equal to about 3% of Mexico's legitimate economy, or more than all its oil exports or spending on prime social programs." read more

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