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IPFS News Link • Drug War

Inside The Chinese Money-Laundering Network Fueling America's Fentanyl Crisis

• https://www.zerohedge.com, by Tyler Durden

Every six months, the US drug death catastrophe eclipses the Vietnam War.

Fueling the fentanyl epidemic across the US are Chinese money launderers helping international drug traffickers, like Mexican cartels. Capital flight from China is not a new phenomenon, but in recent years, the scale of these transfers, washed through the drug trade, has become very alarming.

Paul Murphy from the Financial Times has provided the most straightforward explanation yet of the new Chinese money laundering network fueling America's fentanyl crisis: 

First, understand that Chinese nationals are barred from transferring more than $50,000 out of China each year. And yet, as you are surely aware, there are many many Chinese nationals living very comfortable lives in the west, as students perhaps, or tourists, or simply not working.

Now understand that Mexican drug cartels are harvesting untold billions of dollars, in cash, selling drugs in North America — and that the pill of the moment is fentanyl, which kills about 70,000 people a year in the US.

The chemicals to make fentanyl come from China. These are shipped to Mexico by otherwise legit Chinese chemical manufacturers.

In Mexico, the cartels turn the chemicals into pills and smuggle these north across the border, where they are sold for cash — dollar bills that then need to be cleaned.

Murphy continued:

Meanwhile, in New York for instance, there will be a Chinese student attending an educational establishment, where the fees will be circa $66,000 a year, books and extras another $10,000, food and lodging costs of maybe $5,000 a month, or a lot more.

The $50,000 Chinese transfer cap doesn't cover these things, so she will go on WeChat and broadcast a message to her network of friends saying: "I need dollars in New York to meet my outgoings. Can anyone help?"


www.universityofreason.com/a/29887/KWADzukm