To require the Director of the Financial Crimes Enforcement Network to publish an annual Financial Trend Analysis describing illicit financial schemes and methods related to the trafficking of fentanyl and other synthetic opioids, and for other purposes.
About This Bill
Committee
Latest Action · November 15, 2023
Referred to the House Committee on Financial Services.
This bill requires the Financial Crimes Enforcement Network, a division of the Treasury Department, to publish annual reports analyzing illegal financial schemes and methods used to traffic fentanyl and other synthetic opioids. The Director must produce the first report within 180 days of the law's enactment and continue publishing updated reports each year for five years thereafter. These reports will be shared with banks and other financial institutions to help them identify and combat money laundering activities connected to opioid trafficking. The legislation aims to give financial institutions better tools and intelligence to detect suspicious transactions related to the fentanyl crisis. No specific funding amount is mentioned in the bill text, and there are no direct effects on the general public, though the initiative is intended to support broader efforts to combat drug trafficking.
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