Security

US sees Columbian drug traffickers use ATM deposits for money laundering

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June 14, 2024

U.S. authorities have seen an increase in Colombian drug traffickers using ATMs to deposit money from drug sales. In particular, dealers have recruited individuals to fly to Miami, set up fake businesses and deposit cash at ATMs, according to a report by Tampa Bay Times.

These Columbian individuals would pick up duffel bags of cash from cocaine sales and deposit them under fake business names such as PJ Cleaning. Recently, federal investigators charged eight Columbians with money laundering conspiracies.

Richard Gregori, a retired federal prosecutor said this new technique is similar to the Black Market Peso Exchange in the past, which utilize local businesses as intermediaries.

"This is no different than that; they just found another way to move the money," Gregorie said in the report. "They think of every way possible to do it to avoid the law. They're usually way ahead of law enforcement."