US Banks Facilitate $312 Billion in China-Linked Drug Cartel Funds

A new report from the Financial Crimes Enforcement Network (FinCEN) reveals that Chinese money laundering networks have laundered over $312 billion through US banks between 2020 and 2024. These funds are linked to Mexican drug cartels, which utilize American financial institutions to clean their illegal drug revenue. The report highlights a partnership between these criminal groups where Chinese networks demand U.S. dollar-denominated funds to bypass China’s strict currency controls while simultaneously laundering profits for cartel operations, including those in real estate fraud, human trafficking, and healthcare scams.