Authorizes the Treasury Secretary to require U.S. banks and other financial institutions to take special measures against foreign institutions, jurisdictions, transactions, or accounts found to be of primary money laundering concern in fentanyl and narcotics financing.

• Lets the Treasury Secretary order domestic financial institutions to apply special measures under 31 U.S.C. 5318A(b) to foreign financial institutions, transaction classes, or account types tied to fentanyl and narcotics financing.
• Applies the penalty and injunction provisions of Section 9714 of the FY2021 National Defense Authorization Act to violations of those orders.
• Directs FinCEN to issue a new advisory within one year on Chinese professional money laundering that facilitates fentanyl trafficking, incorporating three existing FinCEN advisories.
• Requires FinCEN to issue guidance within 180 days on suspicious activity reports tied to narcotics trafficking by transnational criminal organizations, and requires a Comptroller General report on lessons from past drug crises within 360 days.

• Financial Services Committee (House)

Finance and Financial Sector