This is how the Sinaloa Cartel and the CJNG launder billions of dollars with cryptocurrencies

The Mexican drug cartels, especially the Sinaloa Cartel and the Jalisco New Generation Cartel (CJNG), saw in cryptocurrencies the opportunity to launder billions of dollars obtained from their illicit activities, such as drug trafficking, extortion, kidnapping and murder.

According to the report of the International Narcotics Control Board (INCB), which collects information from the governments of Mexico and the United States, criminal groups launder some 25 billion dollars a year, through the use of bitcoin.

The organizations deposit amounts that do not exceed 7,500 dollars in several bank accounts, a technique known in English as “smurfing” (atomization), so as not to attract the attention of the banks, according to the document published this Thursday.

“Criminals often divide the illicit money into small amounts that are deposited in several bank accounts, a technique known in English as smurfing (atomization)”, it was detailed.

Also read: One dead and three injured, balance of clashes in San Juan Nuevo, Parangaricutiro: Michoacán Prosecutor’s Office

According to the INCB, “they use these accounts to make a series of online purchases of small amounts of bitcoin, which allows them to disguise the origin of the money and pay their associates in other parts of the world.”

According to the United States Drug Enforcement Administration (DEA), both Mexican and Colombian organized criminal groups are increasing the use of virtual currencies due to the anonymity and speed of operations.

Presenting the report in Mexico City, the member of the INCB of the UN, Raúl Martín del Campo Sánchez, stated that there are now new methods for money laundering in the world.

“This year we return to money laundering because, despite the fact that the INCB in the 90s had taken up this issue, now there are new methods for money laundering, that is why we want to draw the attention of the countries to this situation,” Indian.

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