U.S. Reps. Young Kim (R-CA), Blaine Luetkemeyer (R-MO), Andy Barr (R-KY) and Zach Nunn (R-IA) recently introduced the Stop Fentanyl Money Laundering Act, which targets money laundering within the fentanyl trafficking trade.
“We cannot allow foreign drug manufacturers, money launderers, and cartel organizations to continue to profit and rake in billions of dollars as American people suffer across communities from the fentanyl epidemic,” Kim, Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions vice chairwoman, said. “The Stop Fentanyl Money Laundering Act will help us dismantle these robust money laundering operation networks and hold those responsible accountable.”
Bill provisions include allowing the Treasury Department to utilize special measure authorities to target and thwart the money laundering facilitating fentanyl trafficking in foreign jurisdictions; providing law enforcement with streamlined and updated Suspicious Activity Reports (SAR) to follow the money of narcotics trafficking; and requiring the Financial Crimes Enforcement Network (FinCEN) to provide information on the usefulness of the SAR updates.
“The illicit fentanyl trade is a multi-billion-dollar industry,” Luetkemeyer, Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions chairman, said. “Chinese drug makers and money launderers are partnered with Mexican drug cartels to make enormous profits off the mass murder of Americans. Our country desperately needs not only stricter border security to keep the drugs and drug dealers out, but we also need to enhance the anti-money laundering systems in place to identify and stop those who are profiting.”
