With the help of cryptocurrencies, Mexican cartels launder $25 billion a year

The use of financial instruments such as cryptocurrencies have made tracing illicit money nearly impossible.

Photo: ASIF HASSAN/AFP/Getty Images

Mexican cartels launder around $25 billion annually, according to a report released by the International Narcotics Control Board (INCB), a UN body.

“It is believed that, in Mexico alone, Mexican cartels launder some $25 billion dollars a year,” the report states, noting that cartels Criminal groups are increasingly using cryptocurrencies and other opaque digital tools to avoid being tracked.

The use of bitcoin to launder money is on the rise, especially among drug gangs such as the Jalisco Nueva Generación cartel and the Sinaloa cartel, according to the authorities of Mexico and the United States”, indicates the INCB.

The INCB demands that profits from drug trafficking be reduced to a minimum and, to this end, calls for more financial transparency on an international scale, stricter legislation against money laundering and better international cooperation.

Along these lines, the report points out its concern about a whole series of new opaque financial instruments that make it difficult to trace the origin of illicit money.

The INCB points out that Mexico remains the main source of heroin and methamphetamine in the United States and that it was also the main transit country for cocaine from South America.

Overall, the 2021 Annual Report takes a detailed look at illicit financial flows related to drug trafficking and finds a far-reaching negative impact on society, from corruption and bribery to increased organized crime, violence, poverty and poverty. inequality.

The INCB considered that illicit financial flows deserve special attention and scrutiny because drug trafficking is a very lucrative industry for organized criminal groups and these groups depend on illicit financial flows to expand and maintain their criminal activities.“, the president of the organization, Jagjit Pavadia.

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