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US HB1577
Bill
Status
Introduced
2/25/2025
Primary Sponsor
Andrew Ogles
Click for details
AI Summary
- Secretary of the Treasury may designate foreign financial institutions, transaction classes, or account types as "primary money laundering concerns" connected to illicit fentanyl and narcotics financing, triggering special measures under 31 U.S.C. 5318A(b)
- Financial Crimes Enforcement Network (FinCEN) must issue updated advisory within one year to help financial institutions identify Chinese professional money laundering networks facilitating fentanyl trafficking
- FinCEN Director must issue guidance within 180 days for filing suspicious activity reports related to narcotics trafficking by transnational criminal organizations, with priority research into such reports
- Comptroller General must deliver report and briefing to Congress within 360 days on lessons learned from previous drug crises (including 1980s crack cocaine crisis) applicable to the current opioid crisis
- Classified information supporting money laundering designations may be submitted to reviewing courts ex parte and in camera, with existing penalties and injunction authorities from the FY2021 NDAA applying to violations
Legislative Description
Stop Fentanyl Money Laundering Act of 2025
Finance and financial sector
Last Action
Placed on the Union Calendar, Calendar No. 12.
3/21/2025
Committee Referrals
Financial Services2/25/2025
Full Bill Text
No bill text available