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Unlicensed Money Transmitter Pleads Guilty to Money Laundering Conspiracy
- Key Facts

Unlicensed Money Transmitter Pleads Guilty to Money Laundering Conspiracy

A San Diego-based money transmitter has pleaded guilty to participating in a money laundering conspiracy that involved nearly $12 million in international financial transactions. Francisco Cuevas, 38, admitted in a federal court hearing to operating an unlicensed money transmitting business, in criminal violation of the Bank Secrecy Act.

According to the plea agreement, Cuevas and his coconspirators operated a commercial enterprise that transferred cash on behalf of third parties without registering the business with the Secretary of the Treasury. The defendants obtained commissions for their services, extracting a fee from the millions of dollars transmitted abroad.

The investigation into Cuevas and his coconspirators was conducted by the Federal Bureau of Investigation, the Drug Enforcement Administration, and the Internal Revenue Service. Cuevas is scheduled to be sentenced on September 21, 2015 at 9 a.m. before U.S. District Court Judge Roger T. Benitez.

Cuevas was allowed to remain on pretrial release, pursuant to the terms of a bond posted by himself. The criminal case is assigned to Judge Benitez under case number 14cr2936.

As part of the plea agreement, Cuevas admitted to conducting nearly $12 million worth of international financial transactions in an attempt to promote his unlicensed money transmitting business. The maximum penalty for money laundering conspiracy is 20 years’ imprisonment, a $500,000 fine, and forfeiture.

The case highlights the importance of registering money transmitting businesses with the Secretary of the Treasury, as required by Title 31, United States Code, Section 5330.

Cuevas’ guilty plea marks a significant victory for law enforcement agencies in their efforts to combat money laundering and financial crimes.