Financial institutions filed 1,246 Bank Secrecy Act (BSA) reports identifying suspected fentanyl-related activity in 2024, according the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently released Financial Trend Analysis. The suspicious transactions totaled approximately $1.4 billion.
“As (the) treasury continues to prioritize combating the illegal production and trafficking of fentanyl, our public-private partnerships are vital,” Scott Bessent, treasury secretary, said. “As today’s analysis shows, the information we receive from financial institutions is a critical element in our ability to more effectively investigate and disrupt the malicious actors that profit off this unprecedented epidemic, and ultimately aids in the effort to save American lives.”
Illicit fentanyl is primarily synthesized, trafficked, and smuggled into the United States. FinCEN analysis identified Mexico and China as the top countries listed in fentanyl-related BSA reports.
Drug cartels and associated chemical brokers use U.S.-based intermediaries, money mules, and front companies to procure fentanyl precursor chemicals from Chinese-based suppliers that accept a wide range of payment methods.
Domestic sales of fentanyl were conducted in cash 54 percent of the time and via peer-to-peer transfers 51 percent of the time.
Fentanyl-related financial activity in the United States primarily were in populous states with large urban areas that have established drug distribution networks.