Financial Crime World

Congressional Committee Seeks Answers on Chinese Money Laundering in US

Washington D.C.

The House Committee on Oversight and Accountability is seeking answers on the alleged involvement of China’s Communist Party (CCP) in money laundering schemes in the United States. The committee has requested a briefing from the Financial Crimes Enforcement Network (FinCEN) to shed light on this issue.

Background

Triads, criminal organizations with ties to the CCP, have been using trade-based money laundering schemes to launder funds obtained through illegal activities such as drug trafficking. These schemes involve transferring funds from American accounts into Chinese bank accounts, which are then used to purchase fentanyl and other illegal substances.

Committee’s Request

The committee is seeking information on how FinCEN is working to combat this type of activity, including efforts to:

  • Educate employees about CCP warfare and influence operations against the US
  • Train staff on identifying and addressing United Front operations, which are designed to weaken American communities and interests
  • Outreach to industries such as real estate and casinos to encourage reporting of suspicious activity related to CCP-backed money laundering

The committee has requested that the briefing be conducted before March 20, 2024.

Quote from Committee Member

“We must understand how FinCEN is working to combat the exploitation of American businesses by CCP-backed triads and drug cartels,” said The Honorable Andrea Gacki, a member of the Committee on Oversight and Accountability.

Additional Requests

The committee has also requested that FinCEN provide information on its efforts to:

  • Inspire Americans to strengthen their communities, innovate, and create technologies that will secure a strong and prosperous future for the nation

Contact Information

To schedule the briefing or request more information, please contact the Committee on Oversight and Accountability staff at (202) 225-5074.

Chairman’s Message

[James Comer] Chairman Committee on Oversight and Accountability