Bill 119 hr 1577, also known as the Illicit Fentanyl and Narcotics Financing Act, grants the Secretary of the Treasury the power to implement special measures against foreign entities that are deemed to be of primary concern for money laundering related to illicit fentanyl and narcotics. The purpose of this bill is to combat the financing of illegal drugs, particularly fentanyl, which has been a major contributor to the opioid crisis in the United States.
The bill allows the Secretary of the Treasury to take various actions against these entities, such as imposing restrictions on their access to the US financial system or prohibiting certain types of transactions with them. These measures are intended to disrupt the flow of funds that support the production and distribution of illicit drugs, ultimately aiming to reduce the availability of these dangerous substances in the US.
Overall, the Illicit Fentanyl and Narcotics Financing Act seeks to address the issue of money laundering in connection with the illicit drug trade, with a specific focus on fentanyl and other narcotics. By targeting foreign entities involved in these activities, the bill aims to protect public health and safety by cutting off the financial support for the illegal drug market.