Sinaloa Cartel Caught Laundering Cryptocurrency in Cambodia
The notorious Sinaloa Cartel has been caught laundering money using cryptocurrency in Cambodia. According to Meas Vyrith, secretary-general of Cambodia's National Authority for Combating Drugs (NACD), about $7 million worth of cryptocurrency linked to the cartel has been seized within the country.
Cambodian anti-drug police cooperated with the U.S. Drug Enforcement Administration (DEA) in raids on four locations in Phnom Penh and neighboring Kandal province from January 1st to 5th, resulting in the discovery of drug manufacturing laboratories and storage facilities, as well as over $200 kilograms of drugs and more than 1 ton of precursor chemicals.
The U.S. Embassy in Cambodia issued a statement saying that through cooperation between Cambodia and the DEA New Jersey Division, they 'successfully cracked down on a local network that was laundering cryptocurrency on behalf of the Sinaloa Cartel.'