READOUT: FinCEN, Law Enforcement, and Financial Industry Representatives Meet to Discuss Collaborative Efforts to Combat Illicit Finance Related to Fentanyl Trafficking
EL PASO, Texas—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in partnership with Treasury’s Internal Revenue Service - Criminal Investigation (CI), held the eighth event of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series of the FinCEN Exchange program. The event brought together public and private sector representatives in the area surrounding El Paso, Texas to discuss ways to deepen collaboration against the illicit trafficking of fentanyl into the United States. Financial institutions briefed on emerging trends and typologies they have observed regarding fentanyl-related money laundering, federal law enforcement discussed the threat that illegal fentanyl trafficking poses to the U.S. Southern border, and FinCEN presented on precursor chemicals involved in fentanyl-related illicit finance.
To date, FinCEN and CI have co-hosted PROTECT events in Boston, MA; Tucson, AZ; Miami, FL; Portland, OR; Denver, CO; New York, NY; and Charlotte, NC. Today’s event marks the second time FinCEN has convened a FinCEN Exchange session in Texas focused on combating illicit financial transactions related to fentanyl trafficking. Prior to launching its PROTECT series in May 2024, FinCEN gathered financial institutions, regulators, and law enforcement in San Antonio in July 2023, with the goal of promoting efficient and effective reporting by financial institutions of actionable information related to fentanyl trafficking.
Combatting fentanyl trafficking remains a top priority for FinCEN, as fentanyl continues to threaten the nation’s security, economy, communities, and families. FinCEN encourages financial institutions to carefully review its August 2019 and June 2024 advisories on the trafficking of fentanyl, fentanyl analogues, and other synthetic opioids and the precursor chemicals and associated manufacturing equipment needed to synthesize these deadly drugs.
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