US EditionThe Treasury Department Wants US Banks to Monitor for Suspected Chinese Money Laundering Networks
The Treasury warns U.S. banks to watch for Chinese networks laundering cartel drug money, with over $312 billion in suspicious activity reported from 2020 to 2024, officials said.
- The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks handling funds used to fuel the fentanyl crisis.
- The Trump administration calls on banks to flag customers like Chinese nationals with unexplained wealth who could launder money for cartels.
- FinCen reported Chinese money laundering networks are expanding ties beyond drug cartels, with suspicious activity involving human trafficking and senior care centers.
44 Articles
44 Articles
By Uriel Blanco, CNN en Español The US Treasury Department has warned that Mexican cartels have been using Chinese money laundering networks to profit from drug sales in the United States. According to a notice issued Thursday by the Financial Crimes Enforcement Network (FinCEN)—attached to the US Treasury—Chinese networks collaborate with Mexican cartels to launder their profits through various strategies, such as “trade-based money laundering …
Treasury Says Chinese Money Launderers ‘Vital’ to Cartel Fentanyl Trafficking
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 Finan…
The U.S. Treasury Department issued a new warning to banks to be alert to Mexican drug cartels using Chinese money laundering networks to hide their profits. The Treasury Financial Crimes Control Network (FinCen) identified about $312 billion in transactions potentially linked to Mexican drug trafficking organizations and Chinese money laundering entities during the five years from January 1, 2020 to December 31, 2024, according to a statement.
The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks
The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks handling funds that are used to fuel the flood of fentanyl across American communities.
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