The United States DoJ [Department of Justice] has charged 6 people over illegal involvement in money laundering drug cartel funds using crypto assets.
Earlier today, the DoJ revealed an indictment [filed earlier on 24th Sept.] at the U.S. Eastern District Court of Virginia against Xizhi Li, 45, Jianxing Chen, 40, Jiayu Chen, 46, Eric Yong Woo, 43, Jingyuan Li, 47, & Tao Liu, 45.
The DoJ added that the 6 individuals were a part of a firm that laundered “millions” for the Mexican drug cartels using casinos and front firms.
They are also imagined to have used foreign and domestic bank accounts along with bulk cash smuggling to launder the funds.
Phone apps like WeChat and WhatsApp are said to have been employed by the group to form a link with their illicit activity.
One of the six, Tao Liu, is imagined to have attempted to use wire transfers and cryptocurrency to bribe a United States Department of State official to make passports for entry into the U.S.
The six confront to 14 charges including conspiracy to commit money laundering, conspiracy to distribute cocaine, attempted identity fraud, as well as bribery.
Superseding a previous indictment, the newest charges result from an investigation spanning nearly 4 years.
Law enforcement looked into the connection between foreign drug trafficking organizations and Asian money laundering networks within the U.S., China, along with other countries, consistent with a DoJ official press-release.
Each of the 6 now faces a min of 10 years imprisonment with a max sentence of life behind bars.