Report on fentanyl proceeds is approved by FATF.
A study on the illegal profits made from the supply networks for fentanyl and related synthetic opioids was accepted by the more than 200 FATF members present in Paris. They also talked on a study on art, antiques, and other cultural goods being used to launder money that will be completed in February 2023.
The non-medical use of fentanyl in North America has resulted in a record number of overdose deaths, and a tramadol epidemic is seriously affecting public health in several regions of Africa. Additionally, several countries in Asia are reporting an increase in the number of cases.
Investigations and prosecutions of the laundering of proceeds from the trafficking of synthetic opioids continue to be rare, despite the fact that the majority of nations consider drug trafficking to be a major predicate offense for money laundering and the rising number of incidents resulting in fatalities.
The FATF study, which will be released in the middle of November, provides risk indicators that may be used to spot suspicious behavior and offers suggestions on how to effectively identify and stop money flows related to this unlawful trade.
This includes public-private partnerships, international cooperation between source, transit, and destination countries, training for law enforcement and prosecutors to better understand the supply chain and the role of the pharmaceutical industry, and public-private partnerships to share red flag information and assist the private sector in better identifying and reporting suspicious activity.
By fLEXI tEAM