Money Laundering in the Dominican Republic: A Significant Step Against Illicit Activities

The United States has taken a major step against money laundering in the Dominican Republic with the extradition and arraignment of Luis Velazquez-Cordero, leader of an international money laundering organization. This significant move highlights the importance of combating money laundering in the Caribbean region.

The Scheme Unraveled

According to authorities, Velazquez-Cordero, also known as “El Pequeño”, was involved in laundering millions of dollars in illegal cash drug proceeds from 2016 to 2020. The scheme involved:

Conspirators operating in New Jersey, New York, and Florida picking up large amounts of cash from drug trafficking organizations
Exchanging the cash for cashier’s checks at US banks
Depositing the checks into bank accounts controlled by shell corporations designed to conceal the illegal nature of the transactions

Consequences of the Scheme

The indictment charges Velazquez-Cordero with five counts of money laundering and conspiracy to commit money laundering, carrying a potential sentence of up to 20 years in prison and a fine of $500,000 or twice the amount involved in the offense. Additionally, a forfeiture money judgment for $80 million has been issued, representing a portion of the property involved in the scheme.

Collaborative Effort

The investigation into Velazquez-Cordero’s activities was a collaborative effort between US authorities, including:

Drug Enforcement Administration (DEA)
Internal Revenue Service (IRS)
Customs and Border Protection (CBP)
Local police departments
International partners from the Dominican Republic

In related news, eight other defendants have been charged in New Jersey federal court with money laundering and other charges related to the same international conspiracy. The full extent of the scheme is still being uncovered, but it is clear that Velazquez-Cordero’s actions had significant consequences for drug trafficking organizations operating globally.

Warning to Those Involved in Illegal Activities

As authorities continue to crack down on money laundering in the Dominican Republic, this case serves as a warning to those involved in illegal activities: they will be held accountable. The US Attorney’s Office and other agencies will continue to work together to disrupt and dismantle these types of criminal operations.

Conclusion

The extradition and arraignment of Luis Velazquez-Cordero marks a significant step against money laundering in the Dominican Republic. This case highlights the importance of international cooperation and the consequences of engaging in illegal activities. As authorities continue to combat money laundering, it is clear that those involved will be held accountable for their actions.