The Heir to the Cartier Luxury Brand Launders Drug Cartel Money, Check Out His Method

Liputan6.com, Jakarta – The United States Department of Justice (DOJ) arrested Maximilien de Hoop Cartier, successor to the French luxury brand Cartier, on charges of money laundering using cryptocurrencies.

Reporting from CoinmarketcapTuesday (7/5/2024), based on the indictment on May 2, the defendant has been charged with drug trafficking and money laundering using the popular stablecoin Tether (USDT).

A direct descendant of Louis Cartier, the founder of luxury watches, necklaces and bracelets, the defendant was allegedly involved with Colombian drug cartels. He attempted to import 100 kilograms worth of cocaine and launder millions of dollars through over-the-counter USDT trades.

Cartier used many shell companies to run its operations. These companies are reported to be software and technology businesses. Using these company accounts, the defendant laundered hundreds of millions of dollars in ill-gotten gains through USDT, dollars, pesos and other currencies.

According to the indictment, Cartier used shell companies as money transmitters without permission. Before being arrested in Miami, he, along with five other accomplices, managed to launder 14.5 million USDT.

Cartier is currently awaiting sentencing at a Miami detention center and will face four criminal trespass charges. His accomplices are being held in a Colombian prison.

He is currently facing charges for operating an unlicensed money transmitter, transacting property derived from illegal activities, money laundering, and conspiracy to commit money laundering.

The indictment follows Tether's May 2 announcement of its plans to develop tools to monitor secondary market activity.

Blockchain intelligence company Chainalysis will lead the development of the new tool. This solution will allow stablecoin issuers to identify transactions that are potentially related to prohibited categories such as terrorist financing.

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