Bill 118 hr 3244, also known as the Stop Fentanyl Money Laundering Act of 2023, is a piece of legislation introduced in the US Congress with the aim of combating the illegal trafficking of fentanyl, a powerful synthetic opioi...
d that has been responsible for a significant number of overdose deaths in recent years.
The bill focuses on targeting the financial aspect of fentanyl trafficking by specifically addressing money laundering activities associated with the drug trade. It seeks to strengthen existing anti-money laundering laws and regulations to make it more difficult for criminals to profit from the sale of fentanyl.
Key provisions of the Stop Fentanyl Money Laundering Act of 2023 include increasing penalties for individuals and entities found guilty of money laundering related to fentanyl trafficking, enhancing cooperation and information sharing between law enforcement agencies and financial institutions to better track and disrupt illicit financial flows, and providing resources for training and technical assistance to help financial institutions comply with the new regulations.
The bill has received bipartisan support in Congress, with lawmakers from both parties recognizing the urgent need to address the fentanyl crisis and the role that financial institutions can play in disrupting the flow of illicit funds. If passed, the Stop Fentanyl Money Laundering Act of 2023 has the potential to make a significant impact in the fight against fentanyl trafficking and help save lives across the country.