America's banks processed 312 billion USD in wash trading transactions from China, while cryptocurrencies are under scrutiny.

From January 2020 to December 2024, American financial institutions processed 312 billion USD in suspicious transactions related to the Chinese money laundering network, according to an analysis by FinCEN based on 137,153 reports.

The majority of the flow of money – 246 billion USD – goes through banks, much higher than the remittance service (42 billion USD) and the securities companies (23 billion USD). These networks collaborate with Mexican drug cartels, exploiting the foreign exchange regulations of both countries.

The cartel sells illegal dollars to Chinese individuals seeking to evade capital controls, thereby expanding its activities into human trafficking, healthcare fraud, and $53.7 billion in real estate. FinCEN detected 1,675 human trafficking reports and $766 million in fraud at elderly care centers in New York. Even though crypto exchanges are under strict supervision, traditional banks remain the main channel for money laundering, highlighting systemic loopholes extending from the cases of Wachovia, Danske Bank, HSBC to BCCI.