Download or read book The Black Market Peso Exchange, a Complex Form of Money Laundering written by Romy R. Franklin and published by . This book was released on 2010 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.