Tags: US | Mexico | Drug | Money

US, Mexico Fail to Stem Flow of Drug Money South

Thursday, 26 Aug 2010 09:17 AM

 

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Mexican drug cartels are moving tens of billions of dollars in profits south across the border each year, according to a report in The Washington Post.

U.S. and Mexican authorities are seizing just 1 percent of the illegal cash flow, according to a Post analysis.

The Obama administration has proposed a $600 million ramp-up in spending and personnel, including additional scanners and dogs, to capture more of the cash going from U.S. drug users to Mexican mafias.

Meanwhile, the drug traffickers and their suppliers smuggle $20 billion to $25 billion in U.S. bank notes across the southwest border annually as they seek to circumvent banking regulations and the flags sent up by large cash deposits.

"If we fail to curtail these money flows, the confrontation with organized crime will generate more violence and more corruption," Carlos Pascual, the U.S. ambassador to Mexico, said at a border conference in El Paso this month.

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