The FinCEN Supplemental Advisory (FIN-2024-A002) issued in June 2024, focuses on the ongoing opioid crisis, particularly the significant threat posed by illicit fentanyl and other synthetic opioids. The advisory urges U.S. financial institutions to remain vigilant in detecting and reporting suspicious activities related to the procurement of precursor chemicals and manufacturing equipment used for synthesizing these dangerous substances. It highlights new trends in the illicit fentanyl supply chain, notably the involvement of transnational criminal organizations based in Mexico that acquire precursor chemicals and equipment primarily from suppliers in the People’s Republic of China. The advisory provides financial institutions with typologies and red flags to aid in identifying suspicious transactions, emphasizing the importance of their role in disrupting the financial networks that support this illicit trade and ultimately save lives.
Read the FinCEN Advisory here: FIN-2024-A002