CARTELS BITCOIN

Criminal organizations use cryptocurrencies to make large-scale shipments from China and whitewash their profits.

Some of Mexico's main criminal organizations whitened their profits globally through the use of virtual currencies such as Bitcoin. The above according to the report National Evaluation of Drug Threat 2017, prepared by the Drug Control Administration (DEA).

In this regard, the institution noted that China has become an important center of money laundering, for which large shipments are used from the Asian country, where cryptocurrencies have become very popular currencies.

"In previous years, the preferred methods were money transfer systems (...) Today bitcoin and other virtual currencies allow cartels to transfer illicit profits on an international scale," the report says.

Therefore, the PGR and the DEA decided on Wednesday to form a joint team to combat the financial networks of drug trafficking, a strategy that promises to be more effective than capturing the leaders of criminal gangs.

"In previous years, the preferred methods for moving and laundering illicit profits, that is, the smuggling of bulk money, was to use money transfer systems, money laundering based on commerce and the formal banking sector. Today, bitcoin and other virtual currencies allow cartels to easily transfer illicit profits on an international scale, "the DEA informed.

He added that for 2017 the sale of drugs in the US, represented profits of 64 billion dollars, 21 percent of all illicit money generated in that country at present.

Meanwhile, a second study pointed out that currently half of bitcoin transactions are linked to drug trafficking, which means a total of 72 billion dollars. This goes hand in hand with a decrease of 27 percent in cases of confiscation of cash money by drug trafficking.