Treasury Department: Fentanyl Is a Billion-Dollar Enterprise for Mexican Drug Cartels

Trafficking fentanyl into the United States is a billion-dollar enterprise for the Mexican drug cartels, the Treasury Department detailed in a new report.

On Wednesday, Treasury Secretary Scott Bessent issued findings from the Financial Crimes Enforcement Network (FinCEN), revealing that from January to December 2024, banks filed almost 1,250 Bank Secrecy Act reports identifying some $1.4 billion in suspected fentanyl-related activity by the Mexican drug cartels.

Those activities include trafficking fentanyl, laundering money from fentanyl sales, and  procuring of fentanyl precursor chemicals.

“As Treasury continues to prioritize combating the illegal production and trafficking of fentanyl, our public-private partnerships are vital,” Bessent said in a statement:

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.

As noted by the Treasury Department, fentanyl in the U.S. is almost entirely smuggled by the Mexican drug cartels. The Sinaloa Cartel and the Jalisco New Generation Cartel control much of the fentanyl supply chain into the U.S.

The Mexican drug cartels, though, look to China to source precursor chemicals and manufacturing equipment.

Annually, more than 100,000 Americans die from drug overdoses and poisonings. In 2023 more than 107,000 Americans died such deaths, with almost 7 in 10 linked to fentanyl.

Oftentimes, Americans who die from fentanyl poisonings are unsuspecting victims who unknowingly bought black market opioids laced with fentanyl.

John Binder is a reporter for Breitbart News. Email him at This email address is being protected from spambots. You need JavaScript enabled to view it.. Follow him on Twitter here.