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Peter A. Crusco

In the late 20th century when New York State’s money laundering statute, Penal Law Article 470, was severely limited before it was amended in 2000, law enforcement sought a viable weapon to combat rampant money laundering of illicit narcotics sales through unlicensed money transmitter businesses. These illegal enterprises were everywhere, many being used as conduits by New York-based agents of the then all-powerful Cali and Medellin drug cartels. See, e.g., Stephen Labaton, Unassuming Storefronts Believed to Launder Drug Dealer’ Profits, N.Y. Times (Sept. 25, 1989) p.1; Laura L. Castro, Customers Put Funds at Risk At Unlicensed Money Houses, Newsday (June 27, 1988) p.5; Peter A. Crusco, New York’s Money Laundering Statute, NYLJ (March 13, 2000), p.1.

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