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Chinese brokers launder hundreds of millions for global crime groups | FT Film

Financial Times

1.5M Views . 2024-06-21

Chinese money launderers are facilitating the fentanyl epidemic and helping international drug traffickers, like Mexican cartels and the Italian mafia, launder the proceeds of crime. The FT investigates the connection between capital flight from China and global organised crime #moneylaundering #drugtrafficking #crime #china #organisedcrime #drugtrade #fentanyl #crime 00:00 - Introduction 00:55 - The rise of Chinese money brokers 03:06 - Fentanyl epidemic 04:51 - Ray Donovan 07:05 - All roads lead to Flushing 11:40 - Chinese money laundering goes global 12:32 - Italian mafias 13:46 - Ndrangheta 14:26 - Port of Gioia Tauro 16:26 - Illegal money collection centres 18:40 - Vanishing remittances 21:12 - Fentanyl deaths 25:07 - Project Sleeping Giants 27:35 - Xizhi Li 29:54 - Renewed cooperation with China 31:25 - Rise of triads 32:17 - Capital flight See if you get the FT for free as a student (http://ft.com/schoolsarefree) or start a £1 trial: https://subs.ft.com/spa3_trial?segmentId=3d4ba81b-96bb-cef0-9ece-29efd6ef2132. ► Check out our Community tab for more stories: https://www.youtube.com/@FinancialTimes/community ► Listen to our podcasts: https://www.ft.com/podcasts ► Follow us on Instagram: https://www.instagram.com/financialtimes'

Chinese money launderers have partnered with Mexican drug cartels to launder the proceeds of fentanyl trafficking, which is a growing national security and public health threat. This partnership allows the cartels to increase their profits by 3-5%, and the Chinese money launderers use an underground banking system with 'mirror transfers' to move money invisibly to authorities.

Chinese money laundering
Mexican drug cartels
fentanyl trafficking
underground banking
mirror transfers

  • Chinese money launderers have partnered with Mexican drug cartels to efficiently launder the proceeds of fentanyl trafficking.
  • Law enforcement agencies lack the tools to effectively combat this growing problem, which is on the rise and becoming the dominant money laundering network.

Insights from the YouTube Video Clip:

1. The Rise of Chinese Money Laundering in the Fentanyl Trade:

  • What's the surprising new development? The video reveals a previously unknown alliance between Chinese money launders and Mexican drug cartels, drastically increasing the efficiency and scale of fentanyl money laundering. This partnership has driven a 3-5% increase in cartel profits.

2. The Invisible Network: How Does Chinese Underground Banking Work?

  • How does the system operate? The clip explains the concept of "Mirror Transfer", where cash is deposited at one branch of an underground bank, and an equivalent amount is withdrawn from another branch, making the transaction virtually undetectable.

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