Stop Fentanyl Money Laundering Act of 2023

Bill: 118-hr-3244
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2023-05-11 in the House
Policy area: Finance and Financial Sector
Subjects: Asia
China
Civil actions and liability
Congressional oversight
Currency
Drug trafficking and controlled substances
Fraud offenses and financial crimes
Government studies and investigations
International monetary system and foreign exchange
Latin America
Mexico
Organized crime
Terrorism

Summary:
action_date: 2023-05-11
text: 

Stop Fentanyl Money Laundering Act of 2023 

 
This bill expands efforts to prevent money laundering related to international fentanyl and narcotics distribution.
 
The bill allows the Department of the Treasury to impose restrictions on an entity or activity determined to be of primary money-laundering concern in connection with illicit fentanyl and narcotics trafficking. Specifically, if Treasury determines that a foreign financial institution, class of transaction, or type of account is of such concern, Treasury may require domestic financial institutions and agencies to take special measures, such as reporting certain financial transactions involving that entity or activity. 
 
The Financial Crimes Enforcement Network (FinCEN) must issue advisories to financial institutions about how to identify Chinese money laundering that facilitates the trafficking of fentanyl and other synthetic opioids. FinCEN must also issue guidance to financial institutions for filing suspicious transaction reports related to suspected narcotics trafficking by transnational criminal organizations.
 
The Government Accountability Office must report on the implications of the Department of State designating Mexican drug cartels as foreign terrorist organizations.


Legislative actions:
action_date: 2024-12-19
text: Placed on the Union Calendar, Calendar No. 780.
action_date: 2024-12-19
text: Committee on the Judiciary discharged.
action_date: 2024-12-19
text: Committee on the Judiciary discharged.
action_date: 2024-11-29
text: House Committee on the Judiciary Granted an extension for further consideration ending not later than Dec. 19, 2024.
action_date: 2024-11-29
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-783, Part I.
action_date: 2024-11-29
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-783, Part I.
action_date: 2023-07-26
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 49 - 0.
action_date: 2023-07-26
text: Committee Consideration and Mark-up Session Held
action_date: 2023-05-11
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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.
action_date: 2023-05-11
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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.
action_date: 2023-05-11
text: Introduced in House
action_date: 2023-05-11
text: Introduced in House