US Treasury Report Links China, Mexico to Fentanyl Trafficking Networks

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has released a report revealing the intricate financial networks supporting the fentanyl trade, primarily controlled by the Sinaloa Cartel and the Cártel de Jalisco Nueva Generación. The report indicates that these cartels rely on precursor chemicals sourced from China, using sophisticated money laundering techniques and front companies to facilitate their operations. In 2024 alone, nearly 1,250 Bank Secrecy Act reports identified around $1.4 billion in transactions linked to fentanyl trafficking. Secretary Scott Bessent emphasized that financial institutions play a critical role in disrupting these operations and saving lives amid a crisis that sees over 100,000 overdose deaths annually, many linked to fentanyl. Additionally, the report coincides with ongoing U.S. efforts, including potential tariffs against China and Mexico, in response to the fentanyl crisis. Recent actions have also targeted cartel leaders, further intensifying the U.S. government's crackdown on this deadly trade.