The FREED Act strengthens existing sanctions against foreign persons and entities involved in fentanyl trafficking by expanding the definition of sanctionable conduct to include anyone who knowingly supports traffickers through financial, material, or technological assistance, as well as family members of traffickers. The bill directs the Treasury Secretary to determine within 60 days whether specific Chinese entities—including the Bank of China, Alibaba, and several biotech companies—should be sanctioned for involvement in fentanyl production or distribution, and to add them to the blocked persons list if warranted. The legislation also empowers the Treasury Secretary to impose special financial measures against foreign financial institutions and jurisdictions identified as primary money laundering concerns related to fentanyl financing. Within one year, the Treasury Secretary must submit a report recommending additional regulations, enhanced due diligence requirements, and reporting procedures needed to combat money laundering connected to fentanyl financing. The bill becomes effective 90 days after enactment and calls for international cooperation with Canada, the United Kingdom, European countries, and Latin American nations to track illicit funds from fentanyl operations.
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