Sen. Scott Applauds Treasury’s Action to Crack Down on Illicit Actors Fueling Fentanyl Trade

Treasury’s orders are a direct result of the authorities provided by the FEND Off Fentanyl Act, legislation led by Senator Scott to target the China-Mexico fentanyl supply chain.

WASHINGTON — U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Banking Committee Chairman, today applauded the U.S. Department of Treasury (Treasury) for taking action against three Mexico-based financial institutions who have played a key role in money laundering in connection with the illicit fentanyl trade. Treasury’s orders are a direct result of the authorities provided by the FEND Off Fentanyl Act, legislation led by Senator Scott to target the China-Mexico fentanyl supply chain.

“For too long, Americans across the country have fallen victim to the illicit actors that fuel the fentanyl trade, and it was clear we needed a different approach to help save American lives. That’s why I drafted and led legislation that was signed into law last year to target the financial assets of the criminal groups in China and Mexico poisoning our communities and profiting off the backs of Americans suffering from addiction. Treasury’s action today – thanks to the authorities provided by our bill – is yet another demonstration of President Trump’s commitment to keeping our communities safe,” said Senator Scott.

BACKGROUND:

Senator Scott wrote and introduced the FEND Off Fentanyl Act, which directs the Department of Treasury to use U.S. economic security tools to choke off the profits of the Chinese precursor manufacturers and the Mexican cartels that push fentanyl across the border. The bill was debated and unanimously passed out of the Senate Banking Committee on June 21, 2023, during the committee’s first legislative markup since 2019. Multiple national groups, including law enforcement associations and anti-opioid abuse organizations, also voiced support for the bill. 

Senator Scott’s bill was signed into law as part of the national security supplemental package in April 2024.

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