HR 3244 118th Congress House Finance and Financial Sector 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

Stop Fentanyl Money Laundering Act of 2023

Introduced: May 11, 2023 See on congress.gov

Everywhere this bill has been 8 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 19, 2024

Committee on the Judiciary discharged.

Dec 19, 2024

Placed on the Union Calendar, Calendar No. 780.

Nov 29, 2024

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-783, Part I.

Nov 29, 2024

House Committee on the Judiciary Granted an extension for further consideration ending not later than Dec. 19, 2024.

Jul 26, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 49 - 0.

Jul 26, 2023

Committee Consideration and Mark-up Session Held

May 11, 2023

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.

May 11, 2023

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now December 19, 2024

Placed on the Union Calendar, Calendar No. 780.

Committees of jurisdiction 2