U.S. financial systems have been warned to look out for Chinese money-laundering networks used by Mexico-based drug cartels, including some designated as foreign terrorist organizations.
The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Thursday that money-laundering networks linked to individuals holding Chinese passports have enabled drug cartels “to poison Americans with fentanyl, conduct human trafficking, and wreak havoc among communities across our great nation.”
“The United States will not stand by and allow nefarious actors to launder illicit proceeds through our financial system,” said John Hurley, the Treasury undersecretary for terrorism and financial intelligence, in a news release. “Today’s publication of FinCEN’s Advisory and Financial Trend Analysis reinforces Treasury’s and law enforcement’s ongoing work to combat Chinese money laundering networks and will help financial institutions better identify signs of illicit activity.”
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