US banks moved $312B in dirty money, but critics still blame crypto

Chinese money launderers have been moving billions through US financial institutions to aid Mexican drug cartels, yet lawmakers still point the finger at crypto.

US banks were responsible for laundering $312 billion for Chinese money launderers between 2020 and 2024, according to a new report.

In a US Financial Crimes Enforcement Network (FinCEN) advisory on Thursday, the watchdog analyzed over 137,000 Bank Secrecy Act reports from 2020 to 2024. 

It found that over $62 billion per year on average has gone through the US banking system from Chinese money launderers.

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