To amend the Fentanyl Sanctions Act to strengthen the imposition of sanctions under that Act, and for other purposes.
About This Bill
Committee
Latest Action · November 29, 2023
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, the Judiciary, and Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The FREED Act strengthens existing sanctions on foreign individuals and entities involved in fentanyl trafficking and related money laundering operations. The bill expands who can be sanctioned to include not just drug traffickers but also their family members, financial supporters, and organizations controlled by or acting on behalf of traffickers, as well as foreign government agencies engaged in opioid trafficking. The President gains additional enforcement tools and can impose sanctions 90 days after the law takes effect, though he may waive sanctions for national security reasons or humanitarian needs for periods up to 180 days at a time. The Treasury Department must issue regulations within 180 days and submit a report within one year identifying additional tools needed to combat money laundering related to fentanyl financing, with a focus on beneficial ownership transparency and enhanced screening for cartels and criminal organizations in Mexico and China. The bill also calls for increased international cooperation with Canada, European nations, and the United Kingdom to track illicit fentanyl funds flowing through global financial systems.
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