On April 9, 2025, FinCEN issued a Financial Trend Analysis focused on patterns and trends identified in BSA data linked to fentanyl-related illicit finance. The BSA data filed between January and December 2024 included 1,246 reports identifying suspected fentanyl-related activity including precursor chemical procurement, fentanyl trafficking, and fentanyl-linked money laundering.
The analysis conducted by FinCEN identified Mexico and the People’s Republic of China (PRC) as the top two foreign countries listed in subject address fields of fentanyl-related BSA reports filed in 2024. Other findings from the Trend Analysis include:
The cartels and associated chemical brokers use front companies, money mules, and U.S.-based intermediaries to procure fentanyl precursor chemicals from PRC-based suppliers.
PRC-based chemical suppliers accept a wide range of payment methods and often leverage public advertisements, including e-commerce platforms, to market fentanyl precursor chemicals.
Fentanyl-related financial activity in the United States primarily involved subjects in populous states with large urban areas that have established drug distribution networks and serve as collection points for illicit proceeds, including a substantial number of subjects in southwest border counties in California and Arizona.
Domestic sales of fentanyl appeared to be conducted primarily in cash and peer-to-peer transfers, which were referenced in 54 and 51 percent of BSA reports, respectively.
Methods to launder suspected fentanyl proceeds varied in sophistication. BSA filers identified complex schemes, including the use of suspected Chinese money laundering organizations potentially facilitating the movement of illicit fentanyl proceeds on behalf of the cartels.
Read FinCEN’s press release here.
The Financial Trend Analysis can be found here.
