WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) convened a FinCEN Exchange today in San Antonio, Texas, focused on combating illicit financial transactions related to fentanyl trafficking and human smuggling. The session reinforced the Department of the Treasury’s use of public-private partnerships to combat the illicit trade in fentanyl and to deter the destructive effects of human smuggling.
“Fentanyl threatens our national security, economy, communities, and families,” said Brian Nelson, Treasury Under Secretary for Terrorism and Financial Intelligence, during today’s event. “Human smuggling is also devastating, where the most vulnerable in our society are preyed upon for money and greed. Working together to combat this criminal activity has never been more critical, doing so is a top priority for the Treasury Department.”
“We will continue holding regular FinCEN Exchanges with financial institutions, regulators, and law enforcement as critical partners to strategically combat illicit finance, while focusing on the priorities of fentanyl and human smuggling,” said FinCEN Acting Director Himamauli Das.
Today’s FinCEN Exchange included discussions on FinCEN’s analysis of suspicious activity reporting related to fentanyl and its precursor chemicals, presentations from law enforcement highlighting the investigative and operational uses of Bank Secrecy Act filings, and presentations from financial institutions on their monitoring and detection of illicit financial transactions related to fentanyl and human smuggling.
FinCEN Exchanges provide significant value for public- and private-sector participants by promoting efficient and effective reporting of actionable information by financial institutions.
FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. FinCEN Exchange aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities.