US authorities have sentenced Chinese national and naturalized US citizen Xizhi Li to 15 years in jail for laundering drug proceeds of tens of millions of dollars for foreign drug trafficking organizations. This case was a part of two Organized Crime Drug Enforcement Task Force (OCDETF) investigations called Operation Dark Castle and Operation Taishan Triangle.
For several years, Li and his co-conspirators laundered money for transnational drug trafficking organizations. They used foreign casinos, front companies and bank accounts, fake documents, and encrypted communications platforms to do so. Li directly obtained ML contracts from members or representatives of drug trafficking organizations. He helped them conceal the source of the illicit proceeds while receiving commissions for this service.
In August 2021, Li pleaded guilty to the ML charge against him. As part of his plea, Li has agreed to forfeit $10,000,000 to the US.
Source: US Department of Justice