Trade-based money laundering advisory

Not later than one year following the date of the enactment of this Act, the Financial Crimes Enforcement Network shall update and issue a new advisory to financial institutions on identifying Chinese professional money laundering facilitating the trafficking of fentanyl and other synthetic opioids. Such advisory shall incorporate the following advisories: (1) FIN–2014–A005, entitled Update on U.S. Currency Restrictions in Mexico: Funnel Accounts and TBML; (2) FIN–2010–A001, entitled Advisory to Financial Institutions on Filing Suspicious Activity Reports regarding Trade-Based Money Laundering; and (3) FIN–2019–A006, entitled Advisory to Financial Institutions on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids.

Not later than one year following the date of the enactment of this Act, the Financial Crimes Enforcement Network shall update and issue a new advisory to financial institutions on identifying Chinese professional money laundering facilitating the trafficking of fentanyl and other synthetic opioids. Such advisory shall incorporate the following advisories: (1) FIN–2014–A005, entitled Update on U.S. Currency Restrictions in Mexico: Funnel Accounts and TBML. (2) FIN–2010–A001, entitled Advisory to Financial Institutions on Filing Suspicious Activity Reports regarding Trade-Based Money Laundering. (3) FIN–2019–A006, entitled Advisory to Financial Institutions on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids.