Treasury Officials Hold FinCEN Exchange on Combatting Fentanyl Trafficking

On August 8, 2023, FinCEN Acting Director Himamauli Das joined Treasury Under Secretary for Terrorism and Financial Intelligence (TFI) Brian Nelson in Kentucky and Ohio to highlight FinCEN’s efforts to combat fraud and illegal fentanyl trafficking, as well as its ongoing work to implement beneficial ownership information reporting requirements.

FinCEN convened a FinCEN Exchange in Cincinnati, Ohio, to exchange strategic and operational information to combat the illicit trade in fentanyl and fentanyl precursors in the United States. According to FinCEN, the forum was participated by representatives from regional and national financial institutions, the U.S. Attorney’s Office for the Southern District of Ohio, and regional and national law enforcement agencies, including the Dayton Police Department, the West Chester Police Department, the United States Drug Enforcement Administration, Homeland Security Investigations, the United States Secret Service, the Federal Bureau of Investigation, and the Internal Revenue Service - Criminal Investigation. Participants of the forum exchanged views on ways to enhance investigative and operational uses of suspicious activity reports filed by financial institutions on suspected money laundering linked to fentanyl trafficking in the Ohio region.

Meanwhile, Acting Director Das joined Under Secretary Nelson and Representative Andy Barr (R-KY) in Lexington, Kentucky to meet with financial institutions, law enforcement, and industry groups in Kentucky’s 6th District. The group discussed a range of topics, including efforts to combat fraud, fentanyl trafficking, and other crimes in the region, to make the national framework to combat illicit finance more effective and efficient, and to ensure that small businesses understand the new requirements to report beneficial ownership information in simple, easy-to-read terms. Participants highlighted important concerns and suggestions to improve implementation of the Corporate Transparency Act and the anti-money laundering/counter-financing of terrorism (AML/CFT) framework.

Read FinCEN’s press release here.