Stop Fentanyl Money Laundering Act of 2023

This bill directs the GAO to study whether designating Mexican drug cartels as Foreign Terrorist Organizations would help combat fentanyl trafficking (Section 2). It authorizes the Treasury Secretary to require U.S. financial institutions to implement specific anti-money laundering measures against entities or transactions linked to illicit fentanyl and narcotics financing (Section 3). These measures could include enhanced reporting or transaction restrictions for financial institutions operating outside the U.S. that facilitate fentanyl-related money laundering. The bill also mandates updated guidance for financial institutions on identifying Chinese money laundering schemes tied to fentanyl trafficking (Sections 4-5).