Mexican Cartels Using Cryptocurrencies To Manufacture Fentanyl, US Treasury Says
The US Treasury’s Financial Crimes and Enforcement Network (FinCEN) claims that a number of Mexican cartels are using cryptocurrencies to procure fentanyl manufacturing materials amid America’s unprecedented opioid epidemic, a June 20 advisory from the national agency revealed.
According to the latest warning from FinCEN, transnational criminal organizations (TCOs) beyond the southern border are increasingly purchasing equipment such as pill presses, die molds, precursor chemicals, and more from the People’s Republic of China (PRC) with several well-known digital tokens.
“Mexico-based TCOs are increasingly purchasing fentanyl precursor chemicals and manufacturing equipment from PRC-based suppliers in virtual currency, including bitcoin, ether, monero, and tether, among others,” the advisory states. “Virtual currency payments are often sent to persons affiliated with PRC-based suppliers or secondary money transmitters with hosted wallets at virtual asset service providers.
FinCEN’s new advisory provides updated information on the money laundering networks fueling fentanyl precursor supply chains.
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