Treasury Warns Banks About China-Mexico Money Laundering Risks

The US Treasury has issued a fresh warning for banks to be on the lookout for Mexican drug cartels that use Chinese money-laundering networks to hide their profits.

The Treasury’s Financial Crimes Enforcement Network identified about $312 billion in transactions potentially tied to Mexican narcotics rackets and Chinese money-laundering entities during the five years from Jan. 1, 2020, through Dec. 31, 2024, according to a statement.