Michael McDonald is a retired IRS investigator. Investigators found that the bank had allowed $378 billion to flow unhindered from “casas de cambio” right into its bank accounts in the United States. The biggest money laundering case has been that of North Carolina-based Wachovia Bank. The big money transfers – the billions and billions of dollars – that involves the money exchange houses and big banks in the United States. The money exchanged on this street is small time. And there's enough work for everyone, he said. There's at least ten parasol stations on this block. There are some days here where he alone changes out $10,000 to $20,000, he said. The money exchanger said business was slow. dollars for Mexican pesos and avoid reporting transactions to authorities. Parasols line the street in El Mercadito - the Little Market - a neighborhood in Sinaloa, Mexico where people cash out U.S. He knows it started in the United States, but doesn't know how it got to this street in Culiacán. He said he has no idea where the money came from. One of the money exchangers speaks freely, his partners walking away when this reporter approaches. So, if it's too much cash, and it often is, the money is divided up among more people to cash out. The money exchange houses have reporting limits. Then the cash transaction and money exchangers simply walks the dollars over to the money exchange house – “casas de cambia” – and cashes it out. Somebody was paid in American dollars and needs to convert that to Mexican pesos but doesn't want to report where the money came from. A woman sits in its shade, surrounded by 2 or 3 young, well built men.Ī car approaches. The setup is the same at nearly every parasol. Parasols line the streets of El Mercadito, the little market. Experts describe it as a violent city along the Pacific Coast with a long history of drug trafficking. Many of the wire transfers ended up in Culiacán, Sinaloa, the place to go to cash out American greenbacks for pesos in Mexico's organized crime capital. bank allowed nearly $500 billion of drug money to be wired through its systems, no questions asked. authorities found that between 20, one large U.S. And money can overcome lots of challenges.Ī recent investigation by U.S.
But they have to work out complicated schemes to get those dollars they make from addicts in the United States back into Mexico and convert them into usable pesos.
Moneyhouse vivienda series#
For more information and to learn more about the process or how you can apply, please contact your local Habitat, or call 1-800-HABITAT (1-80).This is one installment in a 13-part series of multimedia stories by Fronteras: The Changing America Desk that investigates our role in the illegal narcotics trade.The cartels make billions of dollars on the drug trade. Habitat’s homeowner selection is managed at the local level, through our hundreds of local Habitat for Humanity locations all over the U.S. How do you apply for a Habitat house? How long is the Habitat for Humanity home application process? Habitat follows a nondiscriminatory policy of homebuyer selection. Mortgage payments are cycled back into the community to help build additional Habitat houses.Ĭan anyone apply to be a Habitat homeowner? Homeowners must also be able and willing to pay an affordable mortgage.Sweat equity can also include taking homeownership classes or performing volunteer work in a Habitat ReStore. This partnership includes performing “ sweat equity,” or helping to build their own home or the homes of others in our homeownership program. Once selected, Habitat homeowners must partner with us throughout the process.Need will vary from community to community. Prospective Habitat homeowners must demonstrate a need for safe, affordable housing.For us, it is one answer to a critical need, and we believe that stronger homes will create stronger communities. Habitat homeowners must be active participants in building a better home and future for themselves and their families. But this helps to ensure the long-term success of Habitat homeowners. Habitat’s path to homeownership is an important and in-depth process, requiring hard work, time and dedication. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.īy working with us from beginning to end, we can help prospective individuals prepare for the various responsibilities of homeownership, including learning about personal finances, mortgages, maintenance and upkeep of homes, and much more. We believe that everyone should have a safe, affordable place to call home. Thank you for your interest in becoming a Habitat homeowner.
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