US Banks Have Moved $31.2 Billion In Dirty Money, But Critics Still Denounce The Code

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According to a new report, the US bank was responsible for $312 billion in laundry for Chinese money launderers between 2020 and 2024.

During the US Financial Crime Enforcement Network (FINCEN) advisory on Thursday, WatchDog analyzed over 137,000 bank secret law reports from 2020 to 2024.

It has been found that an average of over $620 billion a year is passed from Chinese money launderers through the US banking system.

China’s money laundering network forms a symbiotic relationship with Mexico-based drug cartels. The cartel should wash the drug revenues of the US dollar, but Chinese gangs reported that they want the US dollar to circumvent Chinese currency control laws.

“These networks are making money for Mexico-based drug cartels and are involved in other important underground monetary movement schemes across the US and around the world,” said Andrea Gakki, director of Finsen.

Beyond drug laundry, Chinese gangs are involved in questionable real estate transactions of $53.7 billion in human trafficking, smuggling, healthcare fraud and elder abuse and real estate money laundering.

Crypto is still getting an unfair rap

Nevertheless, Crypto is often chosen for money laundering and illegal purposes by probanking politicians such as Elizabeth Warren, a ranking member of the Senate Banking Committee.

“Bad actors are also increasingly turning to cryptocurrencies to enable money laundering,” she said earlier this year, demanding strict regulations.

Latest numbers reveal the often suppressed truth. Most money laundering has nothing to do with cryptography.

sauce: Nate Gelach

According to the United Nations Office on Drugs and Crime, the estimated globally washed amounts to over $2 trillion in a year.

In comparison, according to Chaintysysysy, the total illegal crypto volume for Cryptocurrency Space has totaled around $189 billion over the past five years.

Related: Crypto decanking is “still happening” as banks stick to chokepoint policies

“Illegal activity is only a small percentage of crypto ecosystems. We estimate that it is less than 1% of the overall crypto volume,” Angela Ang told Cointelegraph, TRM Labs is head of policy and strategic partnerships.

“The findings from Fincen are consistent with a broader pattern. These underground banking networks act as shadow financial systems for organized crime, operating at the seams of the banking system,” Ang says.