The Sinaloa cartel allegedly laundered over $50 million with a Chinese underground banking group working out of Los Angeles.
The Sinaloa drug cartel is alleged to have worked with an underground Chinese money laundering group in Southern California to wash more than $50 million — transferring money made from drugs like fentanyl to wealthy Chinese nationals in need of U.S. cash.The head of the U.S. Drug Enforcement Agency joined federal prosecutors and police from five cities across the region for a press conference Tuesday morning announcing the indictment of 24 people.
'The Chinese money laundering groups, on the other hand, are in the business of helping wealthy Chinese nationals obtain cash in this country, and thereby, circumvent export controls in China on the movement of cash.
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