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Current Affairs

Trump urged to press Xi on Chinese money laundering tied to Mexican fentanyl cartels

Chinese money laundering networks were accused of being “financial fuel” for the Mexican cartels at a congressional hearing on Tuesday, where witnesses urged US President…

By Samantha Johnson / June 9, 2026
Chinese money laundering networks were accused of being “financial fuel” for the Mexican cartels at a congressional hearing on Tuesday, where witnesses urged US President Donald Trump to prioritise the issue at his next face-to-face meeting with Chinese counterpart Xi Jinping.

“I want to be very clear, Chinese money laundering networks have become the financial fuel for cartels to poison Americans and threaten our borders, we’re seeing a Silk Road of crime across the Americas,” said Leland Lazarus, founder and chief executive officer at Lazarus Consulting and a former US diplomat, who testified at the hearing.

According to the United States’ Financial Crimes Enforcement Network, between 2020 and 2024, around US$312 billion in suspicious activity was associated with cartel-linked Chinese money laundering activity, noted Dan Meuser, chairman of the House Financial Services Subcommittee on Oversight and Investigations.

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“More concerning, that figure likely represents only a fraction of the true scale, given it only captures suspicious activity that was detected and reported,” added Meuser, a Republican from Pennsylvania. “These networks are also key to the cartel’s procurement of precursor chemicals that produce fentanyl.”

The Chinese embassy in Washington said it has signed, ratified and implemented UN conventions to fight money laundering and counter terrorism financing.

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“The drug problem in the United States is not caused by China,” although Beijing has tried to help, said embassy spokesman Liu Pengyu. “It is hoped that the US side will value China’s goodwill, view the results of this cooperation objectively and advance collaboration in law enforcement.”

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