The U.S. Treasury Department revealed in an Aug. 28 advisory the scope of Chinese money laundering networks’ pivotal role in the fentanyl crisis and the harm they have caused the United States.
Banks are required by law to report suspicious activity indicative of money laundering. Reports between January 2020 and December 2024 show approximately $312 billion linked to suspected Chinese money laundering activity, according to the Treasury’s Financial Crimes Enforcement Network (FinCEN).
These networks, run by Chinese nationals, are preferred by major cartels, including the Mexico-based Jalisco and Sinaloa cartels, due to their speed, effectiveness, and willingness to absorb financial losses or assume risks on behalf of the cartels, according to the FinCEN report….