Featured Presentation
Topic: “Black Market Peso Exchange”
Speaker: Steven C. Bowler, Special Agent, United States Drug Enforcement Administration, Hong Kong Country Office

March 28, 15.25 – 15.55

Abstract:
THE BLACK MARKET PESO EXCHANGE (BMPE) is a global money laundering technique used by South American cocaine traffickers. The BMPE is a revolving exchange system operated by "peso brokers" who purchase narcotics proceeds ("dirty" U.S. dollars) from cartels, in exchange for "clean" pesos (often at a substantial loss to the trafficker). The "dirty" U.S. dollars are then placed - that is "laundered" - into the United States financial system by the peso brokers. Once placed, these funds are sold to Colombian businessmen, who use the converted drug proceeds to purchase consumer goods from economic markets in Hong Kong, Mainland China and Korea. These goods are sent back to Colombia and sold on the black market. The “clean” Colombian pesos generated in the black market are again sold to the same Colombian cocaine traffickers, thus starting the entire BMPE process anew.

Biography:
Mr. Bowler has been at his current post in Hong Kong for the past two years. Since arriving in Hong Kong, Mr. Bowler’s primary areas of responsibility has been issues related to the growing presence of the Black Market Peso Exchange in Asia.

Prior to Hong Kong, Mr. Bowler was assigned to the DEA’s Detroit (Michigan) Field Division for 14 years where he occupied a number of posts, to include the Divisions Money Laundering/Asset Forfeiture Group, Conspiracy Group, Violent Crimes Task Force and the Mobile Enforcement Team.