Stop Fentanyl Money Laundering Act of 2023

Stop Fentanyl Money Laundering Act of 2023

This bill expands efforts to prevent money laundering related to international fentanyl and narcotics distribution.

The bill allows the Department of the Treasury to impose restrictions on an entity or activity determined to be of primary money-laundering concern in connection with illicit fentanyl and narcotics trafficking. Specifically, if Treasury determines that a foreign financial institution, class of transaction, or type of account is of such concern, Treasury may require domestic financial institutions and agencies to take special measures, such as reporting certain financial transactions involving that entity or activity.

The Financial Crimes Enforcement Network (FinCEN) must issue advisories to financial institutions about how to identify Chinese money laundering that facilitates the trafficking of fentanyl and other synthetic opioids. FinCEN must also issue guidance to financial institutions for filing suspicious transaction reports related to suspected narcotics trafficking by transnational criminal organizations.

The Government Accountability Office must report on the implications of the Department of State designating Mexican drug cartels as foreign terrorist organizations.

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 opioid 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.