US Treasury Secretary announces cooperation to combat drug trafficking financial networks
China and the United States have established an agreement to jointly combat money from fentanyl illegal trade. The understanding was announced by US Treasury Secretary Scott Bessent on Monday (15.Set.2025), after negotiations in Madrid (Spain) among the 2 countries.
According to the secretary, modern money laundering networks are derived from groups originally created to circumvent China’s capital controls. Earlier, the application-the most popular platform in the Asian country-was accused by North Carolina Attorney General Jeff Jackson of facilitating transionic money laundering.
“Both the Government of the Popular Republic of China and the citizens and the US government are harmed by money laundering,” said Bessent. “We discussed options to work together, and the Chinese delegation is very willing to work with us. It was a theme of extreme convergence”he declared.
On September 3, a large federal jury in Ohio (USA) indicated China citizens and pharmaceutical companies for conspiracy for drug trafficking and international money laundering. The Justice Department accused them of used to increase Fentanil’s performance.
According to court documents, China companies and their members traded, delivered and exported to the United States controlled substances and other compounds that they knew that they would be used by traffickers to increase the yield and power of distributed fentanyl in the country.
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