At 08:00 ET, the China Subcommittee in the House of Representatives will convene a critically important hearing on the Chinese government's involvement in fentanyl trafficking.
China knowingly supplies the ingredients to Mexican cartels manufacturing illicit fentanyl drugs, and Chinese organized criminals in the US handle the laundering of proceeds.
A joint DEA-State Department investigation between 2017 and 2020 found that over a thousand Chinese Communist students here on visas alone deposited well over a billion drug dollars in America's largest banks, mainly in cash to pay for real estate.
Hundreds of billions of dollars annually are being laundered for the cartels and their Chinese triad partners through the global financial system, while banks and dirty bankers are treated as too big to fail and too big to jail.
The last significant criminal law enforcement operation against a major bank occurred in 1988 when Bank Credit Commerce International - at the time one of the ten largest banks on the planet - was targeted and eventually put out of business with its dirty executives taken away in chains.
It's time to take the drug war into the financial arena, holding not just the money launderers legally accountable but their dirty banks and bankers responsible as well.
The second step should be to designate a Chinese bank as a "Primary money laundering concern." This 311 authority should have been applied against China-based HSBC in Mexico City 15 years ago, but it was waved off due to concerns over financial stability.
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