Drug lords using currency for laundering

Drug lords and organised crime are using currency exchange as a way for laundering money especially prepaid cards which dispense cash from ATM’s . With the inland revenue and customs and excise close as many loop holes to stop drug cartels and organised crime bosses being able to move cash.

But now these exact same criminals are now using the arsenal the inland revenue and customs and excise have put in place. Cash is still a legal tender and many places will take cash as a loading factor for prepaid cards and currency cards. Due to this factor many criminals are now loading thousands on these cards but on multiple cards and drawing the money from any ATM making it as clean as if it was given to you by the inland revenue.

But withdrawing the cash is mainly used to pay for the supporting staff, bribes, entertainment and traveling expenses. But some of the signals are easy to spot as only this year alone 6000+ card holders have requested a replacement 4 or more times and 100 of these card holders have been issued more than 10 (er hello alarm bells).

While cash will remains the preferred currency, criminals and drug dealers will exchange prepaid cards or currency card for stolen merchandise for drugs also as Identification is not required to use an gift cards or non KYC prepaid cards under £800 being loaded per year and it is legal to use another person’s card with permission.

Organised crime and drug dealers will buy currency cards for about half the amount loaded onto the card. From there, people use the cash to buy drugs, food  and alcohol.

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