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ADRs used to launder drug money
30 May 2014
Colombia drug cartels have used American depository receipts to disguise illicit earnings and transfers of US dollars, writes Anna Reitman
American depository receipt
On April 10 2012, the Association of Certified Anti-Money
Laundering Specialists (ACAMS) reported on its news website
Moneylaundering.com that Colombian drug cartels are using US
securities markets to facilitate the laundering of drug
trafficking proceeds sent from the United States to Colombia.
Manny Muriel, an Internal Revenue Service (IRS) Criminal
Investigations representative, was quoted in the article
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