Representative Ruben Gallego | wikipedia
Representative Ruben Gallego | wikipedia
Washington, D.C. — Rep. Ruben Gallego (AZ-03) introduced The Buck Stops Here Act, legislation to combat money laundering efforts connected to illicit fentanyl trafficking.
“While thousands of Arizonans die each year from fentanyl overdoses, traffickers and financial institutions make billions,” said Rep. Gallego. “Fentanyl is cheaper and deadlier than any drug we have ever seen and countering it will require a multi-pronged approach. My bill would target the financial institutions that support fentanyl traffickers—hitting their pockets and leaving them without a place to launder their dirty money.”
According to the Arizona Department of Health Services, more than 2,000 Arizonans died from opioid overdoses, with fentanyl being the most reported drug in 2021.
"This is exactly what the nation needs at the right moment in time,” said Pima County Attorney Laura Conover. “Easy fixes that seek to sweep the streets are shortsighted, unsafe, and expensive. What Congressman Gallego seeks to do here is to focus precious taxpayer dollars on real, solution-oriented investigations to hit the bad actors where they are most vulnerable. I encourage a bipartisan support to join Rep. Gallego."
The Buck Stops Here Act seeks to reduce the impact of the fentanyl epidemic by authorizing the U.S. Treasury’s Financial Crimes Enforcement Network to designate financial institutions, transaction classes, or accounts as primary money laundering concerns in connection to illicit fentanyl trafficking.
A similar authority, known as Section 9714 Authority, was implemented in Fiscal Year 2021 to combat Russian money laundering and has been successful in rooting out bad actors since its implementation. Rep. Gallego’s bill applies the same mechanism as Section 9714 to financial networks connected to illicit fentanyl trafficking.
Curbing the impact of the fentanyl epidemic will require a multi-pronged approach, and Rep. Gallego’s legislation disrupts the supply chain by specifically targeting the finances that fund this crisis.
Original source can be found here.
Alerts Sign-up