Wednesday, July 12, 2006

MEXICAN MONEY LAUNDERING CELL IDENTIFIED -- "Lorenzo Arce Flores' principal money laundering method is the smuggling of U.S. currency into Mexico. It is then converted into Mexican Pesos through a number of money service businesses (commonly referred to as "casas de cambio" or "centros cambiarios") that he or AFO lieutenant Jesus Abraham Labra Aviles own or control. Two key Arce Flores operatives, Frederico Carlos Torres Ramirez and Nancy Karina Rocha Lopez, were also designated today. The 29 companies and individuals designated by OFAC are all key components in this money laundering cell's operations."