WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Chairman of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions introduced the Stop Fentanyl Money Laundering Act with Congressman Andy Barr (KY-06), Chairman of the Subcommittee on Financial Institutions and Monetary Policy, Congresswoman Young Kim (CA-40), and Congressman Zach Nunn (IA-03).

“The illicit fentanyl trade is a multi-billion dollar industry. Chinese drugmakers and money launderers are partnered with Mexican drug cartels to make enormous profits off the mass murder of Americans. Our country desperately needs not only stricter border security to keep the drugs and drug dealers out, but we also need to enhance the anti-money laundering systems in place to identify and stop those who are profiting. As the Chairman of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions I’m introducing this bill to achieve that goal,” said Rep. Luetkemeyer.

Full bill text can be found HERE.

Background:

The Stop Fentanyl Money Laundering Act is an anti-money laundering bill which allows the Treasury Department to utilize its special measure authorities to target and thwart the money laundering facilitating Fentanyl trafficking in foreign jurisdictions. It also provides law enforcement with streamlined and updated Suspicious Activity Reports to follow the money of narcotics trafficking. Additionally, the bill requires FinCEN to provide critical information on the usefulness of the SAR updates. These important steps will shine light on additional improvements law enforcement may need to combat the Fentanyl epidemic devastating America.