Earlier this week, Financial Crimes Enforcement Network (FinCEN) officials traveled to Miami, Florida for two events that brought together the public and private sectors to discuss ways to deepen collaboration against financial crime threats. These events, known as FinCEN Exchange sessions, are part of FinCEN’s ongoing commitment to encouraging secure information sharing by convening financial institutions, law enforcement agencies, and the Department of the Treasury.
On July 15, FinCEN, in partnership with IRS Criminal Investigation (CI), held its third FinCEN Exchange session in Miami as part of the "Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl" (PROTECT) series. This event follows prior sessions in Boston on May 20 and Tucson on June 12. Seven more events will take place in U.S. cities heavily impacted by the opioid epidemic. FinCEN continues to urge financial institutions to monitor and report suspicious activities related to fentanyl trafficking and associated manufacturing equipment.
On July 16, another FinCEN Exchange session focused on third-party money laundering was held in Miami. During this session, FinCEN, Treasury’s Office of Foreign Assets Control (OFAC), and the Federal Bureau of Investigation announced a joint Notice providing methodologies and red flag indicators on timeshare fraud in Mexico perpetrated by transnational criminal organizations. The Notice also addresses how third-party money launderers conceal ill-gotten funds from timeshare fraud schemes linked to the Jalisco New Generation Cartel.
FinCEN Exchange is a voluntary public-private partnership aimed at combating money laundering and related crimes through dialogue between relevant stakeholders. Initiated in 2017 and codified under the Anti-Money Laundering Act of 2020, it focuses on high-value activities that protect national security.
The PROTECT series involves ten sessions scheduled throughout 2024 in U.S. cities severely affected by the opioid crisis as part of the Treasury Department’s Counter-Fentanyl Strike Force. These sessions aim to work with regional banks closely connected to their communities and focus on supporting law enforcement efforts against illicit fentanyl trafficking.
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