US Banks Surpass Crypto in Money Laundering Volume
From 2020 to 2024, US banks processed transactions amounting to $312 billion for Chinese money laundering networks. Data from the FinCEN revealed that the majority of these funds flowed through the traditional financial system rather than cryptocurrencies.
On average, over $62 billion per year passed through the American banking system. FinCEN analyzed more than 137,000 reports filed under the Bank Secrecy Act.
According to the document, Chinese money laundering networks collaborate with Mexican drug cartels,…