Regulator raises alarm on Chinese money laundering networks

[Bank building]
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The U.S. Department of the Treasury, in a report [https://home.treasury.gov/news/press-releases/sb0231] on Thursday, raised an alarm on Chinese money laundering networks, noting ~$312B in suspicious transactions.

The unit Financial Crimes Enforcement Network, or FinCEN, analyzed 137,153 Bank Secrecy Act reports filed by financial institutions between January 2020 and December 2024.

The regulator issued an advisory urging financial institutions to be vigilant in detecting the use of such networks by Mexico-based drug cartels.

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