FinCEN issues advisory on Chinese money laundering networks

The Financial Crimes Enforcement Network issued warnings on the threats posed by Chinese money laundering networks to the U.S. financial system.

Details: FinCEN issued:

• An advisory urging financial institutions to be vigilant in detecting the use of CMLNs by Mexico-based drug cartels, including several designated as foreign terrorist organizations.

• A financial trend analysis highlighting the scope and breadth of CMLN activity in the United States.

Scope of the Threat: FinCEN said it analyzed 137,153 Bank Secrecy Act reports filed by financial institutions between January 2020 and December 2024 associated with suspected CMLN-related activity, totaling approximately $312 billion in suspicious transactions.