Austin News

U.S. Senators John Cornyn (R-TX) and Catherine Cortez Masto (D-NV) have announced the signing into law of their Preventing the Financing of Illegal Synthetic Drugs Act, aimed at disrupting the financial operations of organizations trafficking synthetic drugs like fentanyl into the United States.

“Fentanyl is an unprecedented crisis that continues to take the lives of innocent children and adults across our country, and we must combat it at all levels,” said Sen. Cornyn. “This law will help law enforcement better understand narcotrafficking organizations’ illegal financing and business models, increasing our chances of defeating them and helping save American lives.”

Senator Cortez Masto emphasized her commitment to public safety: “Keeping Nevadans safe is one of my top priorities, and I’m proud to pass my bill to help us go after drug traffickers spreading dangerous synthetic drugs like fentanyl into our communities. This bill will improve our understanding of how drug cartels finance their operations to better prevent fentanyl money laundering and crack down on drug trafficking.”

Representatives 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.

The Centers for Disease Control and Prevention reported that more than 107,000 people in the United States died from drug overdoses in 2023, with nearly 75,000 involving synthetic opioids like fentanyl.

The Preventing the Financing of Illegal Synthetic Drugs Act mandates that the Comptroller General of the United States conduct a study on illicit financing linked to synthetic drug trafficking. The study will detail for Congress how these organizations operate financially, move, and conceal their illicit earnings, along with recommendations for preventing fentanyl money laundering. The GAO is required to submit its report within one year following enactment.