US banks were responsible for washing $ 312 billion for Chinese money washing machines between 2020 and 2024, according to a new report.
In a Financial Crimes Control Network of the USA. (FINCEN) advisory On Thursday, the control agency analyzed more than 137,000 reports of the Bank Secret Law from 2020 to 2024.
He found that more than $ 62 billion per year on average have passed through the American banking system of Chinese money washing machines.
Chinese money laundering networks have formed a symbiotic relationship with drug posters based in Mexico. The posters need to wash drug income in US dollars, while Chinese gangs want US dollars to avoid China’s currency control laws, he reported.
“These networks of networks are made for drug cartels in Mexico and are involved in other significant schemes of movement of underground money within the United States and worldwide,” said Finn director Andrea Gacki.
Beyond drug money laundering, Chinese gangs are involved in human trafficking and smuggling, health fraud and elderly abuse, and real estate money laundering for a sum of $ 53.7 billion in suspicious real estate transactions, the report added.
Crypto still gets unfair
In spite of this, the crypto has often been indicated for money laundering and illicit purposes by pro-baneader politicians such as the classification member of the Senate Banking Committee, Elizabeth Warren.
“The bad actors also resort to the cryptocurrency to allow money laundering,” he said earlier this year, demanding stricter regulations.
The latest figures reveal a often suppressed truth: that most money laundering has nothing to do with cryptography.
According For the United Nations Office on Drugs and Crime, the estimated amount of money worldwide in a year is more than $ 2 billion.
In comparison, the illicit cryptographic volumes of the entire cryptocurrency space totaled around $ 189 billion in the last five years, according to Chainysis.
Related: The cryptographic debate “continues to occur” as banks adhere to strangulation policies
“Illicit activity is nothing more than a small fraction of the cryptographic ecosystem. We estimate that it is less than 1% of the volume of general cryptography,” TRM Labs, Cointelegraph, told Cointelegraph.
“Finn’s findings are aligned with a broader pattern: these underground banking networks function as a financial system in the shadow for organized crime worldwide, operating to the seams of banking systems,” Ang.
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