The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks

WASHINGTON (AP) — The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks handling funds that are used to fuel the flood of fentanyl across American communities.

An advisory Thursday to banks, brokers and others highlights how such operations are working with Mexican drug cartels.

The Trump administration is calling on banks to flag certain customers who may fit a profile of people who could launder money for cartels. That could include Chinese nationals such as students, retirees and housewives with unexplained wealth, and those who refuse to provide information about the source of their money.

The Treasury contends that many of these people unknowingly work with cartels to bypass Chinese currency controls that restrict the r