READOUT: FinCEN Director Gacki’s Travel to Iowa for Engagements on Fentanyl and Beneficial Ownership Reporting

June 3, 2024 / Source: FinCEN

Immediate Release

June 03, 2024

DES MOINES, Iowa—On May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders participated in two roundtables coordinated with Iowa Representative Zach Nunn’s office.

During the first roundtable with local law enforcement representatives on efforts to combat fentanyl trafficking, Director Gacki emphasized that FinCEN is leveraging the full range of available tools to degrade and disrupt transnational criminal organizations that traffic opioids and other dangerous substances. As part of the U.S. Department of the Treasury’s Counter-Fentanyl Strike Force, FinCEN recently announced that it is pursuing a series of events around the country to bring law enforcement agencies and financial institutions together to share typologies and approaches on combatting illicit fentanyl trafficking.

During a separate outreach event to the business community, Director Gacki provided remarks on beneficial ownership information reporting pursuant to the Corporate Transparency Act, a bipartisan law meant to curb illicit finance by requiring many companies to report basic information to the Federal government about who ultimately owns or controls them. Director Gacki expressed her appreciation for Representative Nunn’s invitation to speak about this important law that will help untangle opaque corporate structures and level the playing field for American small businesses by allowing law enforcement to pursue criminals that operate illicitly through anonymous shell companies.

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