- The U.S. Treasury Department’s Financial Crimes Enforcement Network issued an updated advisory to U.S. financial firms cautioning them on what to watch out for in illegal fentanyl trafficking, including the use of certain cryptocurrencies.
- While FinCEN did cite four tokens — bitcoin, ether, monero and tether — the news of crypto’s involvement in this illicit market has been well covered by previous criminal and sanctions actions from U.S. authorities.
As an experienced financial analyst, I’ve witnessed firsthand the evolving nature of illicit activities in the financial system and their increasing use of digital assets. The latest update from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) about the involvement of certain cryptocurrencies in illegal fentanyl trafficking is a concerning development that highlights the importance of continued vigilance and collaboration among financial institutions, law enforcement agencies, and regulatory bodies.
As a financial analyst, I have uncovered some concerning trends in the criminal underworld of Mexico. According to reports from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), organized crime groups have been employing various digital assets for purchasing essential components used in producing the potent opioid, fentanyl. Specifically, they have been utilizing bitcoin and other cryptocurrencies for these illicit transactions, as stated in a Thursday advisory from FinCEN.
According to the notice, Chinese suppliers’ digital wallets at cryptocurrency companies frequently receive payment deposits. At times, these transactions go through intermediary money transfer services.
The recent alerts, which build upon a FinCEN notice issued in 2019, highlight concerns arising from past U.S. investigations and financial restrictions.
In October, I discovered that the US Department of Justice accused eight companies with connections to China of engaging in illicit activities related to the manufacturing, distribution, and sales of chemicals used in drug production.
Fentanyl overdoses have surpassed other causes as the primary killer for Americans aged between 18 and 45. The precursors for producing this deadly substance frequently originate in China, making a complex journey involving numerous borders before reaching users of the synthetic opioid in the United States. According to the Drug Enforcement Administration (DEA), fentanyl is approximately 100 times stronger than morphine.
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2024-06-20 20:17