Strengthening Sanctions Against Fentanyl and Drug Traffickers
This act aims to hinder fentanyl and other drug trafficking by imposing stricter financial penalties on individuals and organizations involved. Citizens may experience indirect benefits through increased public safety and reduced availability of illegal substances, potentially impacting community health and well-being.
Key points
Expands financial sanctions to foreign individuals and entities involved in fentanyl and opioid trafficking, including their family members and associated organizations.
Allows the Treasury Secretary to impose special measures on foreign financial institutions identified as primary money laundering concerns for fentanyl and narcotics financing.
Requires a report from the Treasury Secretary on how to better identify and combat money laundering related to illicit fentanyl, including beneficial ownership identification and enhanced customer verification procedures.
Encourages international cooperation with Canada, European countries, and the UK to track illicit financial flows from drug operations.
Expired
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