WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) held a FinCEN Exchange, a public-private partnership event aimed at countering illicit finance. The event—which convened global financial institutions, federal law enforcement agencies, and Treasury officials—focused on denying individual Chinese money launders access to the U.S. and global financial systems. The Treasury Department will continue working with the People's Republic of China to combat illicit activity.
“Malicious Chinese individuals engaged in money laundering pose one of the most significant threats facing the U.S. financial system,” said FinCEN Director Andrea Gacki. “These individuals regularly launder illicit proceeds for a variety of transnational criminal organizations, including Mexico-based drug cartels, and are responsible for wreaking havoc on the United States’ financial system and national security.”
This Exchange is part of Treasury’s ongoing work with financial institutions and law enforcement to systematically address and take action against the threat posed by Chinese money laundering networks (CMLNs). Since publication of FinCEN’s CMLN Advisory and Financial Trend Analysis in August, FinCEN has received over 500 CMLN-related Suspicious Activity Reports referencing the Advisory’s key term for suspected CMLN activity. These reports described approximately $7.1 billion in suspected CMLN-related suspicious transactions occurring between December 2018 and November 2025. This volume of reportable activity underscores the sustained seriousness of the threat CMLNs pose to the U.S. financial system.
As part of the event, FinCEN provided financial intelligence to the attending financial institutions, which have a unique ability to detect these money laundering networks. FinCEN also highlighted the critical value of Bank Secrecy Act (BSA) data and encouraged financial institutions to enhance and continue their BSA reporting on these networks.
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The FinCEN Exchange program is a statutorily authorized voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. The program aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities. The program began in 2017 and was codified as part of the Anti-Money Laundering Act of 2020.
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