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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

Read more: 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 claiming...