Chinese National Sentenced for $62 Million Drug Money Laundering Scheme

Haiping Pan, a Chinese national, was sentenced to 10 years in prison by a Chicago federal judge for laundering $62 million in drug proceeds for Mexican traffickers. The case highlights international law enforcement efforts to combat sophisticated money laundering networks linked to global drug operations.

A federal judge in Chicago sentenced Haiping Pan, a 44-year-old Chinese national, to 10 years in prison on December 20 for his involvement in laundering USD 62 million for Mexican drug traffickers. This followed a comprehensive investigation conducted by Homeland Security Investigations (HSI) Chicago.

Pan orchestrated a complex scheme from 2016 to 2018, facilitating the transfer of illicit funds across international borders. Operating with co-conspirators, his operation included secretive money pickups in cities like Chicago, New York, and Los Angeles, followed by currency swaps between the US, China, and Mexico, as stated by HSI.

Utilizing his financial expertise and connections, Pan ensured the seamless transfer of funds. Each transaction ranged from USD 150,000 to USD 1 million, conducting one to two pickups weekly, totaling approximately USD 62 million.

This sentencing marks a win in combating transnational crime, according to HSI Chicago Special Agent Sean Fitzgerald. The investigation led to the arrest and extradition of Pan from Mexico to the US, alongside the convictions of co-conspirators.

As the case uncovers a growing trend of Chinese money brokers like Pan dominating international money laundering, it underscores the persistent efforts by law enforcement to dismantle criminal enterprises.

(With inputs from agencies.)