Treasury Department launches new ‘Strike Force’ to crack down on illicit funds behind fentanyl trafficking

The Biden administration’s Treasury Department announced Monday the launch of a new “Strike Force” dedicated to cracking down on illicit funds behind fentanyl trafficking.

The agency recently formed the Counter-Fentanyl Strike Force “to marshal Treasury’s resources and expertise in a coordinated and streamlined operation to combat the trafficking of illicit fentanyl,” a department press release stated.

It noted that the strike force will be led by the Office of Terrorism and Financial Intelligence and IRS Criminal Investigation, uniting resources across several Treasury offices.

In a Monday statement, Secretary of the Treasury Janet Yellen reaffirmed the Biden administration’s commitment to stemming the flow of “deadly fentanyl into communities across the United States.” She noted that the new strike force “will allow us to bring the Department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic.”

“Treasury will use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country,” Yellen added.

The secretary planned to travel to Mexico on Tuesday to meet with senior officials to discuss fentanyl trafficking.

According to the Centers for Disease Control and Prevention, of the more than 107,000 drug overdose deaths in the U.S. in 2022, 68% involved synthetic opioids like fentanyls.

The strike force aims to crack down on money laundering networks, particularly those utilizing cryptocurrency, according to the Treasury Department. The unit will partner with local and federal law enforcement agencies to address areas in the U.S. that have been impacted the most by the fentanyl crisis.

Brian Nelson, the under secretary of the treasury for terrorism and financial intelligence and one of the new strike force’s co-chairs, explained that the department's resources are “disrupting the flow of illicit narcotics into the United States” from the southern border.

IRS Criminal Investigation chief and new strike force co-chair Jim Lee noted, “Partnerships are key to the work we do at IRS Criminal Investigation, and we welcome the opportunity to partner with our Treasury counterparts to combat fentanyl – one of the deadliest narcotics plaguing our country.”

“To date, our team has played a key role in sanctioning and bringing criminal charges against individuals and entities involved in fentanyl trafficking, and we look forward to using our financial expertise to further disrupt the flow of fentanyl into the United States,” Lee added.

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