US EditionTreasury Flags $312 Billion in Suspicious Flows Tied to Chinese Networks Aiding Mexican Cartels
The US Treasury's advisory highlights $312 billion in suspicious transactions linked to Chinese money laundering networks and Mexican cartels, involving real estate, human trafficking, and healthcare fraud.
- The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks linked to drug cartels and fentanyl trafficking.
- An advisory was issued to banks to flag customers who may fit the profile for laundering money for these cartels.
- The Treasury states that many individuals unknowingly assist cartels to circumvent Chinese currency restrictions.
- Last year, a partnership between Mexico's Sinaloa Cartel and Chinese underground banking was uncovered, laundering $50 million from drug sales, according to federal prosecutors.
75 Articles
75 Articles
U.S. Treasury Warns of $312 Billion in Chinese Laundering For Mexican cartels
Sam Cooper FinCEN says Chinese networks moving billions for Mexican cartels also push illicit cash through U.S. real estate, elder care centers, and human trafficking schemes. The U.S. Department of the Treasury issued a stark warning Thursday that Chinese money laundering networks have become a primary engine driving Mexico-based drug cartels’ expansion into the United States, flagging $312 billion in cartel-linked suspicious transactions and …
U.S. Treasury Warns Of $312 Billion Chinese Laundering Dark-Money Network For Mexican Cartels
U.S. Treasury Warns Of $312 Billion Chinese Laundering Dark-Money Network For Mexican Cartels The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a warning on Thursday that Chinese money laundering networks (CMLNs) pose a substantial threat to the U.S. financial system, citing money laundering by Mexican drug cartels, including some that have been designated as Foreign Terrorist Organizations (FTOs). FinCEN stated that it r…
China’s money-laundering networks “represent a significant threat to the US financial system,” not only because they have formed “a mutualist relationship,” a kind of symbiosis, with Mexican drug cartels that need to launder profits from other criminal activities, but also because they serve as scaffolding for real estate investments in the United States, noted the Financial Crime Control Network (FinCEN) of the U.S. Treasury Department.
Treasury identifies hundreds of billions in likely Chinese money-laundering
Chinese nationals engaged in extensive money-laundering operations in the United States, moving a suspected $312 billion in illicit cash over the past five years, the Treasury Department revealed Thursday.
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 …
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