Washington, DC – Today, U.S. Representative Young Kim (CA-40), who serves as Vice Chairwoman of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, joined Subcommittee Chairman Blaine Luetkemeyer (MO-03) to introduce the Stop Fentanyl Money Laundering Act. Reps. Andy Barr (KY-06) and Zach Nunn (IA-03) are also original cosponsors.
“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,” said Rep. Kim. “The Stop Fentanyl Money Laundering Act will help us dismantle these robust money laundering operation networks and hold those responsible accountable. I am proud to work with Chairman Luetkemeyer on this and will keep working to protect the public safety of our communities.”
“The illicit fentanyl trade is a multi-billion-dollar industry. Chinese drugmakers 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. As the Chairman of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions I’m introducing this bill to achieve that goal,” said Rep. Luetkemeyer.
The Stop Fentanyl Money Laundering Act is an anti-money laundering bill which will shine light on improvements law enforcement may need to combat fentanyl trafficking by:
- Allowing the Treasury Department to utilize its 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 to follow the money of narcotics trafficking; and,
- Requiring FinCEN to provide critical information on the usefulness of the SAR updates.
Full bill text can be found HERE.
