Thread: Mexico drug cartels avoid bank deposits

Study: Mexico drug cartels avoid bank deposits

By The Associated Press
Wednesday, June 2, 2010 at 9:59 a.m.

MEXICO CITY — Financial experts studying Mexico's drug cartel proceeds say less than half the money smuggled out of the U.S. each year ends up in a bank.

They say the rest is either stashed or directly spent in Mexico.

Estimates say between $19 billion and $29 billion are smuggled out of the U.S. each year.

U.S. Immigration and Customs Enforcement Assistant Administrator John Morton unveiled the findings from a binational criminal proceeds study on Wednesday in Mexico City.

Drug gang violence has soared since President Felipe Calderon launched crackdown on traffickers in late 2006. More than 22,700 people have been killed.

http://www.signonsandiego.com/news/2010 ... -deposits/

It would be too easy to track their payoffs to Congress.

I would think that they would try to launder their money by taking over legitimate businesses and real estate. The interest rates paid by small enterprises is also much higher than it is here. Why keep money in the bank when it is possible to gain control over other sectors of the Mexican economy.