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Remarkable seizure of drug money in LA

On 10 September 2014, New York Post reported that police in Los Angeles have arrested nine people and seized around $70m (£43m) in cash during mass raids on a series of businesses.

Officers said they suspected the money was being laundered on behalf of Mexican drug cartels.

In the dawn operation, dubbed Fashion Police, about 1,000 officers searched dozens of businesses in the city’s Fashion District.

Police found $35m in cash in one warehouse alone.

The magnitude of this discovery confirms how big the money laundering phenomenon is, and how criminality attempts to funnel illicit funds through legitimate activities. Therefore, financial services should continue to develop and sustain adequate training and investments in their anti-money laundering programme, so that they would avoid to support such an illegal process.

For further details check New York Post’s Article


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