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Stop Fentanyl Money Laundering Act of 2025
4/7/2025, 12:51 PM
Summary of Bill HR 1577
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.
Congressional Summary of HR 1577
Stop Fentanyl Money Laundering Act of 2025
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.
