On November 30, 2022, the FATF released its first ever report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade, which claims thousands of lives around the world. The report, which was co-led by the United States and Canada, looks at the way proceeds are laundered from synthetic opioids trafficking.
In a statement, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said that the report on money laundering from fentanyl and synthetic opioids reveals the global nature of this problem and exposes the illicit supply chains that enable it. He also stressed that drug trafficking has been identified by the United States as one of eight national priorities for combatting illicit finance.
The report also provided recommendations on the best approaches to detect and disrupt the criminal networks involved, including:
Improving risk understanding in this area, including regarding supply chains and the role of the pharmaceutical industry, to develop more robust legal and regulatory frameworks to combat the trade in illicit opioids.
Training prosecutors and relevant authorities to carry out financial investigations, including in the precursor supply chain.
Identifying and leveraging existing mechanisms to expand international cooperation between source, transit and destination countries to identify and disrupt synthetic opioid supply chains.
Using public-private partnerships to raise risk awareness, of dark web marketplaces and virtual assets (crypto), share red flag information and help the private sector better identify and report suspicious activity.
Under Secretary Nelson’s full statement can be found here.
The report on Money Laundering from Fentanyl and Synthetic Opioids can be found here.