FinCEN Issues Supplemental Advisory on the Illicit Procurement of Fentanyl Precursor Chemicals and Manufacturing Equipment

Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their illicit procurement of fentanyl precursor chemicals and manufacturing equipment from People’s Republic of China-based suppliers. The supplemental advisory builds off FinCEN’s 2019 advisory with new typologies and red flags to identify and report suspicious transactions, and fulfills the requirement in Section 3202 of the recently enacted FEND Off Fentanyl Act. Financial institutions with questions about the content of today’s supplemental advisory should contact the FinCEN Regulatory Support Section at frc@fincen.gov.

FinCEN Advisory (FIN-2024-A002): https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2024-a002

Treasury News Release: https://home.treasury.gov/news/press-releases/jy2418

Secretary Yellen’s Prepared Remarks: https://home.treasury.gov/news/press-releases/jy2417