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U.S. Treasury Warns of $312 Billion in Chinese Laundering For Mexican cartels

 The U. S. Department of the Treasury has alerted the public to the extensive involvement of Chinese money laundering networks in funding Mexican drug cartels. This report outlines the alarming figures related to suspicious transactions and the methods used by these networks to facilitate illegal activities in the United States.

• Funding Amounts: The Treasury identified $312 billion in suspicious transactions connected to drug cartels in Mexico, along with $53.7 billion in illegal real estate dealings over four years.

• Criminal Activities: The Financial Crimes Enforcement Network (FinCEN) is concerned not just with drug money laundering but also with connections to elder care centers, human trafficking, and fraud. In New York, $766 million in suspicious activities was observed at adult and senior care centers, along with numerous reports of human trafficking and elder abuse.

• Chinese Networks and Cartels: These Chinese money laundering networks have become crucial partners to Mexico-based cartels, including those classified as foreign terrorist organizations. Money mules from China use fake jobs and identities to manipulate the banking system, leading to large and suspicious financial activities.

• Shadow Infrastructure: Officials described a covert operation involving cartel couriers, Chinese nationals trying to navigate strict capital controls in China, and the buying and selling of drug proceeds in U. S. dollars.

• Case Studies: A significant case involved Zhi Dong Zhang, who managed the Chinese and Mexican sides of cartel operations, training money mules to access U. S. banks and coordinating the flow of fentanyl precursors for cartels.

• Transaction Methods: The laundering process includes selling cartel cash at a discount to Chinese networks that serve wealthy individuals and businesses in China seeking to invest in the U. S. Payments are often made in yuan, with transactions facilitated by informal networks.

• Dismantling the Networks: Treasury officials are calling for coordinated international actions to dismantle these pervasive money laundering networks and protect U. S. communities.

• Ongoing Investigations: The DEA's task force, Sleeping Giant, is working to expose the link between Chinese networks and Latin American cartels, investigating extensive and intricate money laundering schemes involving Chinese nationals.

The U. S. Treasury's findings reveal a troubling partnership between Chinese money laundering networks and Mexican drug cartels, significantly affecting public safety through drug trafficking and other illicit activities. Authorities emphasize the need for urgent international collaboration to address and dismantle these dangerous networks, highlighting the complexities and scale of the operations being run globally. 

https://www.thebureau.news/p/us-treasury-warns-of-312-billion

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