WASHINGTON – Financial institutions in the United States reported 1,246 transactions in 2024 linked to suspected fentanyl-related activity, according to a new report released by the U.S. Department of the Treasury. The Financial Trend Analysis, compiled by the Treasury’s Financial Crimes Enforcement Network (FinCEN), identified roughly $1.4 billion in suspicious activity connected to fentanyl’s illicit financial networks.
The report outlines how banks observed transactions tied to the full spectrum of the fentanyl supply chain—ranging from the purchase of chemical ingredients used in manufacturing to trafficking operations and complex money laundering schemes. Two countries showed up most often in these reports: China and Mexico.
“As today’s analysis shows, the information we receive from financial institutions is a critical element in our ability to more effectively investigate and disrupt the malicious actors that profit off this unprecedented epidemic, and ultimately aids in the effort to save American lives,” said Treasury Secretary Scott Bessent.
According to FinCEN, cartels and their chemical brokers are using front companies, money mules, and U.S.-based go-betweens to buy fentanyl ingredients from Chinese suppliers. Those suppliers often accept many types of payments and even advertise openly online.
Inside the U.S., most of the flagged activity is happening in big cities and along established drug trafficking routes—especially in states like California and Arizona. The report also revealed how fentanyl is being sold and the money moved. In over half the cases, domestic sales were made in cash or through peer-to-peer transfers, and the laundering schemes range from simple cash drops to more elaborate systems involving suspected Chinese money laundering networks working on behalf of drug cartels.
