Chinese language nationals plead responsible in cash laundering scheme linked to El Chapo’s cartel

ON One Chinese citizen pleaded guilty and another was sentenced to seven years in prison for a global money laundering program that laundered tens of millions of dollars on behalf of drug trafficking organizations including Joaquin “El Chapo” Guzman’s Sinaloa Cartel.

Xizhi Li pleaded guilty on Monday for playing a “leading role” in a “year-long conspiracy to use a foreign casino, foreign and domestic bogus companies, foreign and domestic bank accounts, fake passports and other fake identity documents for money laundering on behalf of transnational drugs” -trading organizations, their main activities included cocaine in drug trafficking, ”the DOJ said.

Chinese money launderers team up with Mexican cartels to take billions off US fentanyl crisis

Li was born in China, but prosecutors said he lived primarily in Mexico and Guatemala when he carried out his plan, which included creating “close ties” with drug traffickers in Mexico, Colombia, Guatemala and elsewhere, and using aliases like “Francisco Ley Tan” to get bank accounts in Miami and buy a casino in Guatemala to advance his plans with. Li pleaded guilty to the money laundering conspiracy and was sentenced to a maximum of 20 years in prison and a $ 10 million sentence in October.

A factual statement signed by both the Justice Department and Li and his attorney last month stated that Li used bank accounts in the United States, China, Mexico, and elsewhere to launder drug profits. Li said he used encrypted platforms like WhatsApp and China’s WeChat to implement his plan.

The Washington auditor reported last month about how Chinese money launderers and fentanyl makers did business with Mexican cartels, banding together to make billions of dollars annually from the opioid that killed thousands of people in the United States

Hong Kong’s Tao Liu, who the DOJ said “helped run the cocaine money laundering program,” pleaded guilty to separate bribery charges in April and was sentenced to seven years in prison on Tuesday. The Justice Department said Liu had “accepted large drug money” on Li’s behalf. Liu was also “the target of a month-long undercover investigation attempting to bribe what he believed to be a corrupt US State Department official to obtain US passports for individuals, including Liu himself,” for US $ 150,000 each. The DOJ found that the allegedly corrupt officer was actually an undercover DEA agent.

The story goes on

“Global money laundering networks allow drug cartels to profit from their deadly trafficking, and yesterday’s guilty guilty plea and today’s verdict underscore the Department of Justice’s commitment to dismantling the financial infrastructure of transnational criminal organizations in order to profit from crime,” said Assistant Attorney General Kenneth Polite Jr. of the DOJ’s Criminal Division said Tuesday.


Reportedly a seizure request from the DEA shows Investigators told the court that an investigation by a local drug gang led them to conclude that the Sinaloa cartel was supplying cocaine from the Memphis area, with Li running the money laundering program. Court records also reportedly show Investigators told a judge that part of Li’s money laundering was carried out on behalf of a Central American cartel led by Marisela “Iron Lady” Flores-Torruco, who was a cocaine dealer for El Chapo. Prosecutors allegedly said the court found that Li helped launder the profits from the Sinaloa cartel’s cocaine sales in Tennessee, and investigators also concluded that some of Li’s drug money laundering activities were carried out on behalf of the Sinaloa cartel.

Co-conspirators Jiayu Chen, Jingyuan Li, and Eric Yong Woo all have pleaded guilty also. Jianxing Chen, from Belize, has been relieved of money laundering and drug trafficking and is awaiting extradition after being arrested in Peru.

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Keywords: news, China, El Chapo, Ministry of Justice

Original author: Jerry Dunleavy

Original location: Chinese nationals plead guilty of money laundering related to the El Chapo cartel

Love and cash: How your relationship along with your partner and your funds are related

Weddings and marriages are in the foreground for me nowadays.

A few weeks ago my niece got married and in another two months my nephew will get married too. Both weddings had been postponed due to the pandemic from the previous year. Another nephew has just sent me an appointment for next spring.

Celebrating love and family feels like this right now. I bet you feel the same way.

Wedding parties make me smile. They make me hopeful and, well, grateful too.

I believe in the combined strengths of two who tackle this world together. At my niece’s wedding on a beautiful New Jersey beach, my husband and I were asked to give a reading and we chose the lyrics from a song by Bruce Springsteen. “If I should fall behind. “

On July 4th, my husband and I celebrated our 29th wedding anniversary. And my sister and her husband will be 40 years old at the end of June.

Read: Is The Bucket Strategy Superior To The 4% Rule?

Couples and money

However, these joyful events, magical as they are, remind me of the critical role money and financial communications play in the lasting strength of a marriage over the decades – which is at its core a business relationship.

I know it’s unromantic, but it’s true. And as a personal finance writer, I can’t help it.

This week, Fidelity Investments released the results of its latest Couples & Money Interviewed 1,713 couples (3,426 people) conducted between March 25 and April 22, 2021. Respondents were required to be at least 25 years of age, married or in a permanent partnership and with their partner and have a minimum household income of USD 75,000 or more At least $ 100,000 in investable assets.

Read: Retirement Provision? You should also budget for inflation

Here’s the scuttlebutt. Many couples, 1 in 5, say that money is their biggest challenge in the relationship. That sounds about right.

The average retirement age of those already retired is 60.5 years, while the average expected age of those not yet retired is 62.5 years. However, almost half (48%) of all couples surveyed disagree on the actual retirement age.

More than half disagree about how much money they need to meet their retirement goals, but nearly 77% envision a comfortable retirement.

And although 7 out of 10 (71%) of the partners stated that they communicate at least very well with the other half, almost 4 out of 10 (39%) of the respondents could not correctly see how much their partner earns for a salary. About 6 in 10 (61%) couples say they talk about their finances at least monthly, a number that’s down astonishingly from 2018 (65%).

As for their ideal retirement, the majority, 6 in 10 of all couples, plan to stay in their own state after they retire, a trend that has been increasing since 2015. Hmm … so much for my column thinking about moving into retirement?

See: Don’t know where to live in retirement? Here are a few ideas

In retirement, spending time with family and friends is the top priority, followed by relaxation and tranquility at home. That is in line with some of the results I wrote about in this column who examined a new study, The Four Pillars of the New Retirement: What a Difference a Year Makes, conducted by Edward Jones, the major investment and financial services advisory firm, in partnership with Age Wave, a think tank and consulting firm.

As I read through the survey, I was reminded of some of the advice I often give to newlywed couples and, of course, my niece and nephew.

Read: Retired but Ready to Return to Part-Time? How to find the right appearance

If possible, first spend your money on joint ventures, be it on trips, to a concert, to a play or to a wonderful restaurant. Creating and collecting shared memories lasts a lifetime. The intangible value multiplies over the years.

Now for one of my favorite pieces of advice, and perhaps the most difficult one for couples. Have routine money conversations about your big picture, your current snapshot, upcoming expenses, dreams you have that may result in a cash outlay.

And take the time at least once a year to meet with a financial planner who will take a holistic view of your accounts and help with realigning and considering possible new investments.

It’s hard to do this without that third party, trust me. It takes discipline. You and your spouse may be on the right track here, but I have found it thought provoking to sit down with our planner / advisor and reassure us that we are fine.

Teamwork is dream work

After all, a successful marriage depends on teamwork.

Money is power. For example, if one person bears the financial weight to pay the mortgage and other fixed bills, the one paying the bills may feel unspoken resentment and the other may feel lurking guilt. Try to talk about these feelings as they arise.

“This study clearly shows that couples who work as a team to build strong financial futures are better equipped to handle whatever life has to offer,” said Stacey Watson, senior vice president of life event planning at Fidelity . “That is why it is so important for newly married couples to be openly involved in discussions about money right from the start.”

“Take some time to work together to make sure you have discussed important financial issues as a couple and make sure that you both have a strong understanding of where you are financially and what remains to be achieved,” added Watson . “Those who learn early on to communicate well about finances will likely be rewarded for their efforts in the years to come.”

As Springsteen wrote: Now everyone dreams of lasting and true love

Oh but you and I know what this world can do

So let’s make our steps clear so that others can see

And I’ll wait for you, and if I should fall back, wait for me. “

Kerry Hannon is an expert and strategist in work and career, entrepreneurship, personal finance and retirement. Kerry is the author of more than a dozen books, including Great Pajama Jobs: Your Complete Guide to Working From Home

Jay-Z feels related to his household | Leisure

Jay-Z really “connected” with his family in lockdown.

Hitmaker ‘Empire State Of Mind’, who has nine-year-old Blue Ivy and three-year-old twins Rumi and Sir with his wife Beyoncé, was fortunate enough to be able to spend time with his family during the coronavirus pandemic, as a “foundation” and knows how important it is for one’s children to “feel loved”.

He said, “In the beginning it was time for everyone to sit down and really connect, really focus on family and togetherness, and take that time to learn more from each other. And then how it went on is it’s like, “OK, all right, what’s the new normal?” Family is your foundation. Feeling loved is the most important thing a child needs, you know? Not “Here is this business that I’m going to hand over to you, that I can do for you. “What if my child doesn’t want to be into music or sports? I have no idea, do I? But as long as your child feels supported and loved, I think anything is possible.”

And the 51 year old rapper doesn’t need his kids to follow in his footsteps, he just wants them to be happy with what they’re doing as he sees himself and his wife as “guides” for them.

Speaking of his ambition for his children, he added, “Just make sure we create a loving environment, be very careful about who they want to be. It is easy for us as human beings to want our children do certain things but we have no idea, we are only guides. [I go to the gym] just to be able to catch my kids on the lawn. These are my goals. Now it is, but Blue is nine – she is no longer a baby. “

Jay-Z also admitted that he realized how “connected” the world is because of the pandemic.

He told the Sunday Times’ Style magazine, “If anything comes out of it, we need to realize that we are all connected. It’s a metaphor for how connected we are.”