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The Black Market Peso Exchange (BMPE) is a complex form of money laundering that deals in currency exchange. It affects the United States (U.S.) daily. With the BMPE, drug money from the U.S. is converted into Columbian pesos, and large amounts of bulk cash get smuggled across the U.S. border and the final destination of that money can be anywhere, with an intended purpose to harm those who live in the U.S. The U.S. has enacted tough anti-money laundering laws to fight money laundering in general and the BMPE, specifically. These laws outline strict reporting requirements to detect and catch money launderers. The U.S. is not the only country fighting to stop this money laundering scheme; the international community has joined the U.S. in combating the BMPE by enacting anti-money laundering laws in their own countries, and the research findings propose that although the U.S. and other members of the international community have made progress in the fight against money-laundering, there is still quite a bit to accomplish to further detect, report, and investigate BMPE cases. Many countries in the international community are battling corruption within their own governments, making it difficult to combat the illegal money laundering scams.
Hezbollah, the Iran-backed terrorist organization based in Lebanon, is expanding its reach into the Western Hemisphere via a deepening involvement in the South American drug trafficking industry and the Black Market Peso Exchange (BMPE) money laundering system that is endemic to the drug trade. The BMPE is a complex form of trade-based money laundering utilized by Colombian drug trafficking organizations to launder drug money and repatriate proceeds by disguising and embedding illegal activities in legitimate international trade and finance. The BMPE provides Hezbollah with hundreds of millions of dollars for funding of its global operations and presents a growing risk to American interests as Hezbollah is regarded as the world's premier terrorist organization and is a proxy for the anti-American regime in Iran that is forging relationships with Latin American elements based on common anti-U.S. goals.
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Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).