Nine individuals were charged with laundering U.S. drug proceeds into cryptocurrency for Mexican and Colombian cartels from 2020 to 2023. Federal task forces disrupted the operation, accusing them of using unlicensed money transmitters to convert drug cash into crypto and back.
According to the U.S. Department of Justice, nine individuals have been charged by a federal grand jury in Miami with the crime of laundering U.S. drug proceeds into cryptocurrency for Mexican and Colombian cartels.
The individuals are accused of utilizing “a network of black market cryptocurrency launderers and unlicensed money transmitters.” The defendants are accused of coordinating the collection of cash from U.S. drug sales from 2020 to 2023.
They allegedly converted the funds into cryptocurrency and sent it to accounts under their control, then converted it back to cash for cartel leaders. Key figures in the unlicensed money transmission operation were identified by investigators as Nilson Sneyder Vasquez Duarte and others.
Federal Task Force Matches on Mexican and Colombian cartels
The El Dorado Task Force, which was commanded by federal agencies such as Homeland Security Investigations (HSI) and IRS Criminal Investigation, was responsible for disrupting the network. The operation is consistent with the mission of the Organized Crime Drug Enforcement Task Forces (OCDETF) to dismantle criminal networks.
Nine defendants are currently being charged with conspiracy to commit money laundering and operating an unlicensed money-transmitting business. Furthermore, seven defendants are facing charges for substantive money laundering offenses.
