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Transcript: FACT SHEET: COOPERATION BETWEEN THE UNITED STATES AND COLOMBIA ON PROGRAMS TO COUNTER MONEY LAUNDERING AND COUNTERFEITING
- Article from:
- Regulatory Intelligence Data
- Article date:
- August 30, 2000
- Author:
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Today, the United States and Colombia signed a multilateral agreement
with Aruba and Panama to establish an international task force to
counter
the money laundering that occurs through the Black Market Peso Exchange
(BPME). The BPME is the largest money laundering conduit in the Western
Hemisphere and the primary money laundering conduit used by Colombian
drug
cartels. Anecdotal law enforcement evidence, informant statements
and other
evidence suggest that at least $3 to 6 billion is laundered annually
using
the BMPE system. Brokers who operate the BMPE routinely facilitate
multi-
million dollar transactions outside Colombia's legitimate financial
system.
The BMPE ...