The Financial Crimes Enforcement Network (FinCEN), as part of the Treasury Department’s Counter-Fentanyl Strike Force and in partnership with IRS Criminal Investigation (CI), has announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The "Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl" (PROTECT) series of FinCEN Exchange sessions will be held throughout 2024 in U.S. cities severely affected by the opioid epidemic.
These sessions are designed to engage regional and local banks, offering unique perspectives on the opioid crisis, and focusing on how law enforcement can best support their efforts to monitor activity potentially linked to illicit fentanyl trafficking. Federal officials will brief attendees on information crucial for tracking these illicit financial flows, including typologies and red-flag indicators of fentanyl-related activity.
The PROTECT series is launched in collaboration with various government partners, including the Drug Enforcement Administration, Homeland Security Investigations, Customs and Border Protection, the U.S. Secret Service, the Federal Bureau of Investigation, the Department of Justice Money Laundering and Asset Recovery Section, U.S. Attorney’s Offices, and local law enforcement agencies.
Deputy Secretary of the Treasury Wally Adeyemo stated that “Treasury’s Counter-Fentanyl Strike Force continues to go after drug trafficking networks' illegal earnings." He added that they are committed to working at both federal and local levels to cut off financial flows fueling this deadly trade.
FinCEN Director Andrea Gacki said that “the PROTECT series will enhance FinCEN’s collaboration with our law enforcement and financial institution partners.” CI Chief Guy Ficco echoed this sentiment stating that this series builds on cooperation by incorporating the financial industry into combating fentanyl trafficking.
A recent event in Boston brought together federal agencies, law enforcement authorities from Boston area with representatives from the financial industry for a discussion on ways to deepen collaboration. The focus was enhancing the value of suspicious activity reporting to counter illicit fentanyl trafficking.
Launched in December 2023, Treasury’s Counter-Fentanyl Strike Force combines personnel, expertise, intelligence, and resources across key Treasury offices to combat illicit fentanyl trafficking. FinCEN continues to call on financial institutions to monitor for and report suspicious activity related to the trafficking of fentanyl and other synthetic opioids.
FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. It aims to protect national security and citizens from harm by combating money laundering and its related crimes through public-private dialogue.
IRS Criminal Investigation is the law enforcement arm of the IRS, responsible for conducting financial crime investigations. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
