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HOUSE 3244118th CongressPlaced on the Union Calendar, Calendar No. 780.

Stop Fentanyl Money Laundering Act of 2023

Last Action
12/19/2024

Actions

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

CRS Summary

As of 2023-05-11 (00)

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.

Cosponsors (8)

  • Zachary Nunn (R-IA)
  • Andy Barr (R-KY)
  • Young Kim (R-CA)
  • Brittany Pettersen (D-CO)
  • Michael Lawler (R-NY)
  • Nick LaLota (R-NY)
  • Daniel Meuser (R-PA)
  • Monica De La Cruz (R-TX)

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
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.