Американские банки стали лидерами в отмывании денег, обходя криптоиндустрию Translation: American banks have become leaders in money laundering, surpassing the crypto industry.

From 2020 to 2024, U.S. banks processed $312 billion in transactions linked to Chinese money laundering networks. Data from the Financial Crimes Enforcement Network (FinCEN) revealed that the majority of these funds moved through traditional financial channels rather than cryptocurrencies.

On average, over $62 billion was channeled annually through the American banking system. FinCEN scrutinized more than 137,000 reports submitted under the Bank Secrecy Act.

The document states that Chinese money laundering organizations collaborate with Mexican drug cartels, which launder proceeds from drug sales in U.S. dollars. Chinese entities utilize these funds to circumvent China’s currency regulations.

“These networks launder profits for Mexican drug traffickers and are involved in other large-scale money transfer schemes both in the U.S. and globally,” remarked FinCEN Director Andrea Gaki.

Additionally, these groups are engaged in human trafficking, health care fraud, and real estate scams, with the latter accumulating $53.7 billion in suspicious transactions.

According to United Nations estimates, over $2 trillion is laundered globally each year. In contrast, data from Chainalysis indicates that the total volume of illicit transactions involving digital assets over the past five years has amounted to approximately $189 billion.

“Illegal activities represent only a small fraction of the crypto ecosystem. Our estimates suggest it accounts for less than 1% of the overall volume,” commented Angela Eng, head of policy at TRM Labs, in remarks to Cointelegraph.

She added that FinCEN’s findings reaffirm a broader trend: underground banking networks operate as a shadow financial system for organized crime, situated at the intersection of traditional finance (TradFi).

It is worth noting that in August, analysts from Global Ledger identified the speed of fund withdrawals by perpetrators after hacks as a significant issue within the cryptocurrency industry.