Two J’cans convicted of money laundering scheme involving columbians

Two Jamaican men considered senior citizens, were on Friday convicted for their roles in a sophisticated international money laundering organisation that laundered more than US$6 million in drug trafficking proceeds from Colombian cartels through the United States, Caribbean and European banking systems.

According to the Caribbean Media Corporation (CMC), 61-year-old St Devon Anthony Cover was convicted of one count of money laundering conspiracy and seven counts of laundering of monetary instruments.

His co-accused, 59-year-old n Dennis Raymond Rowe was convicted of one count of money laundering conspiracy, one count of money laundering and two counts of laundering of monetary instruments.

CMC said the two, who were found guilty following a four-day jury trial, will be sentenced at a later date.

The charges of money laundering conspiracy and laundering of monetary instruments each provide for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to US$500,000, or twice the amount involved – whichever is greater.

United States Attorney Joshua S. Levy said Cover and Rowe were key players in a scheme that laundered millions in drug proceeds, “enabling the flow of deadly narcotics onto our streets”.

Over the course of the five-year investigation that led to the arrest of 20 people, US$1 million was seized from corporate bank accounts and other investigative activity.

Nearly 3,000 kilogrammes of cocaine – with a street value of over $90 million – was traced back to the money laundering organisation. This includes approximately 1,193 kilogrammes of cocaine seized at sea, 60 miles south of Jamaica, in July 2019, as well as 1,555 kilogrammes of cocaine seized in nine scrap metal shipping containers at the Port of Buenaventura, Colombia, in March 2019.

According to prosecutors, it was discovered by investigators that the organisation laundered over $6 million in drug proceeds through intermediary banks in the United States, as well as additional proceeds through banks in the Caribbean and Europe by use of the Colombian Black Market Peso Exchange (BMPE). By using the BMPE, the defendants and their co-conspirators sought to conceal drug trafficking activity and proceeds from law enforcement as well as evade currency exchange requirements in the United States and Colombia through the illegal currency exchange process.

During the course of the conspiracy, Cover laundered approximately US$268,000 and Rowe laundered over US$600,000 by delivering bulk cash drug proceeds to undercover law enforcement.