Cornyn, Cortez Masto Sign Bill to Stop Illegal Drug Financing

AUSTIN – U.S. Senators John Cornyn (R-TX) and Catherine Cortez Masto (D-NV) released the following statements following their The prevention of the Illicit Synthetic Drug Financing Actwhich helps the federal government financially crack down on organizations that smuggle synthetic drugs like fentanyl into the United States, was signed into law:

“Fentanyl is an unprecedented crisis that continues to claim the lives of innocent children and adults in our country, and we must fight it at all levels,” said Senator Cornyn. “This bill will help law enforcement better understand the illicit financing and business models of drug trafficking organizations, increasing our chances of defeating them and saving American lives.”

“Keeping Nevadans safe is one of my top priorities, and I’m proud to have passed my bill to help us crack down on drug traffickers who distribute dangerous synthetic drugs like fentanyl into our communities,”said Senator Cortez Masto. “This bill will improve our understanding of how drug cartels finance their activities, so we can better prevent fentanyl money laundering and tackle drug trafficking.”

Reps. Monica De La Cruz (TX-15), Brittany Pettersen (CO-07) and Andy Ogles (TN-05) introduced the legislation in the House, which passed it last year.

Background:

According to the Centers for Disease Control and Prevention, more than 107,000 people will die from drug overdoses in the United States in 2023. Nearly 75,000 of these deaths were due to synthetic opioids such as fentanyl.

The The prevention of the Illicit Synthetic Drug Financing Act would direct the Comptroller General of the United States (GAO) to investigate the illicit financing of synthetic drug trafficking and submit to Congress the business model of these organizations, how they move and hide their illicit revenues, and what the U.S. government can do to better prevent fentanyl laundering. The GAO would submit its report to Congress no later than one year after the legislation takes effect.