In September, the federal government appropriated a total sum of $31 million from nine United States accounts belonging to the Peruvian Sanchez-Paredes family including funds held by Bank of America, Wells Fargo and JP Morgan Chase. Additionally, authorities froze three Peruvian accounts in connection with money laundering allegations brought against the family. Federal authorities allege that the family launders drug money through the front of legitimate businesses including gold mines, show horses, farms, auto repair shops, and real estate ventures to conceal money earned through drug trafficking. The family denies any involvement in selling drug or laundering money , maintaining that the accounts were valid.
However, Peru is known for its high coca plant and cocaine production, as a nation, and the Sanchez-Paredes family has been accused of involvement with drugs for nearly twenty years. The Manhattan U.S. attorney commented in a statement to Reuters that, while the actual drug production may be out of their jurisdiction, the “proceeds from their decades-long money laundering scheme are not.” The case, USA v. Any and All Funds on Deposit at Various Bank accounts, District Court for the Southern District of New York, No 12-CV-7530, seeks to prove just how much influence the federal government has over these funds.