Bill > HR1577

This bill provides the Secretary of the Treasury with expanded authority to combat money laundering related to fentanyl and synthetic opioid trafficking. Specifically, the bill enables the Treasury to identify and take special measures against financial institutions, transactions, or accounts outside the United States that are considered of "primary money laundering concern" in connection with illicit narcotics financing. The bill requires the Financial Crimes Enforcement Network (FinCEN) to update advisory guidance to financial institutions on identifying Chinese professional money laundering facilitators, particularly those involved in fentanyl trafficking. Additionally, the bill mandates new filing instructions for financial institutions to report suspicious transactions related to narcotics trafficking by transnational criminal organizations, with the Director of FinCEN required to prioritize research into these reports. The legislation also calls for the Comptroller General to produce a comprehensive report examining lessons learned from previous drug crises, focusing on how criminal organizations target victims, the negative impacts of such targeting, and potential mitigation strategies. The bill includes provisions for potential penalties and civil actions against violations of its requirements, and allows for the use of classified information in judicial reviews while maintaining confidentiality protections.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1577/all-info