NCJ Number
191328
Journal
Economic Perspectives Volume: 6 Issue: 2 Dated: May 2001 Pages: 11-14
Date Published
May 2001
Length
4 pages
Annotation
This article discussed several successful investigations within the United States that have halted schemes using international mechanisms and non-traditional financial institutions to launder money.
Abstract
Since the enactment of money laundering laws in the United States, U.S. law enforcement efforts have been focused on the placement stage of money laundering, the stage at which the money launderer first seeks to enter the illicit proceeds into the financial system. The result has been a successful barring of launderers from gaining direct access to U.S. banks. Due to these efforts and results the money launderers look to international mechanisms and non-traditional financial institutions to launder their illegal proceeds. Some of the methods most frequently used include: bulk cash smuggling of currency; trade-based money laundering through the Colombian Black Market Peso Exchange system (BMPE); and the use of money service businesses. This article presented successful investigations of money laundering utilizing these international and non-traditional methods and included: (1) Operation Mule Train; (2) Operation Risky Business; (3) Operation Skymaster; and (4) Operation Juno.