Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
Today, Chairman John Moolenaar and Ranking Member Raja Krishnamoorthi of the House Select Committee on the Chinese Communist Party sent a letter to PayPal Holdings, Inc. They asked the company to confirm its full compliance with anti-money laundering laws in light of its partnership with Tencent's Tenpay Global, which operates Weixin (WeChat) Pay.
In their letter, the lawmakers stated, "U.S. authorities have repeatedly identified Weixin Pay as a central hub for CMLOs, including those tied to fentanyl trafficking. Federal prosecutions have documented its role in coordinating bulk-cash pickups and cross-border settlements, arranging sales of fentanyl precursor chemicals, and laundering fentanyl proceeds through the platform."
They added, "Because Tencent and its subsidiaries are subject to Chinese law—including obligations to cooperate with state authorities—Tenpay’s operations are legally bound to Beijing."
Moolenaar and Krishnamoorthi also requested documents about how PayPal and Tencent integrate their systems. They have asked for a briefing from PayPal to review compliance efforts.
The committee has made combatting money laundering and illicit finance one of its priorities. Earlier this week, it held a roundtable focusing on Hong Kong's position as a safe haven for money laundering and sanctions evasion by actors linked to China.
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