Stop Fentanyl Money Laundering Act: New Tools Against Drug Financing
This act grants the Treasury Department new powers to combat the financing of illicit fentanyl and narcotics trafficking. It means U.S. financial institutions will need to be more vigilant about suspicious transactions involving foreign entities linked to drug money laundering. The goal is to make it harder for criminals to move money from illegal drug sales, potentially reducing the availability of these substances.
Key points
The Treasury Secretary can impose special measures on foreign financial institutions suspected of fentanyl money laundering.
U.S. financial institutions will be required to file more suspicious transaction reports related to narcotics trafficking by transnational criminal organizations.
New guidance will be issued to financial institutions to better identify Chinese money laundering schemes facilitating fentanyl trafficking.
Expired
Citizen Poll