On Thursday, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) held the sixth of 10 planned event to bring the public and private sector together to combat fentanyl.
FinCEN, working in partnership with the Internal Revenue Service Criminal Investigation (CI), held the meeting in New York City. Meeting with the financial sector and law enforcement, the event focused on discussing ways to improve collaboration between sectors in the fight against the financial crime threat fentanyl poses to communities and the potential financial system disruption posed on a global scale.
Part of the Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series, the event is the latest in the Treasury Department’s Counter-Fentanyl Strike Force. The series has held events in cities that have seen a significant opioid epidemic impact – Boston, Mass.; Tucson, Ariz.; Miami, Fla.; Portland, Ore.; and Denver, Colo. Thursday’s event featured Treasury’s Acting Under Secretary for Terrorism and Financial Intelligence, Bradley T. Smith, and CI Chief, Guy Ficco, discussing the PROTECT series and goals for the remaining four sessions.
“By incorporating our financial industry partners into the fight against fentanyl trafficking, we are better equipped to identify suspicious financial transactions and dismantle criminal organizations that attempt to poison our communities,” Ficco said. “Our meeting today marked the sixth PROTECT event we’ve cohosted throughout the country, and CI will continue to assist our law enforcement partners by providing our financial investigative expertise to track these illicit financial transactions.”
So far, PROTECT events have helps financial institutions and law enforcement agencies improve direct communications and expand their understanding of the emerging threats illicit finance poses. Participants have shared practical tips for identifying this activity and providing information to law enforcement when filing reports under the Bank Secrecy Act. As a result of the sessions so far, FinCEN has said it and law enforcement will work to provide better and more regular feedback on the usefulness of BSA reporting to financial institutions in the future.
“FinCEN and CI launched the PROTECT series to strengthen the pursuit and prosecution of the financing of fentanyl trafficking as a money laundering matter in criminal investigations,” Smith said. “These sessions have served as the building blocks for the ongoing partnership that we are encouraging financial institutions and law enforcement to sustain after this day ends.”