Study: Mexican drug cartels avoid banks, opt to stash money or spend it at home

Published November 17, 2014

MEXICO CITY (AP) — Financial experts studying Mexico's drug cartel proceeds say less than half the money smuggled out of the U.S. each year ends up in a bank.

They say the rest is either stashed or directly spent in Mexico.

Estimates say between $19 billion and $29 billion are smuggled out of the U.S. each year.

U.S. Immigration and Customs Enforcement Assistant Administrator John Morton unveiled the findings from a binational criminal proceeds study on Wednesday in Mexico City.

Drug gang violence has soared since President Felipe Calderon launched crackdown on traffickers in late 2006. More than 22,700 people have been killed.

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