FinCEN Identifies $312 Billion in Chinese Money Laundering Through U.S. Banks

A new report from FinCEN reveals the staggering figure of nearly $312 billion in suspicious transactions linked to Chinese money laundering networks processed through U.S. banks between 2020 and 2024. The investigation highlights persistent challenges within traditional financial systems, while emphasizing a continued focus on curbing illicit flows without targeting cryptocurrencies. The report underscores the critical need for stricter financial controls, particularly as authorities seek to dismantle these sophisticated money laundering schemes.