Special to IFN
Congressman Pat Harrigan (NC-10) on Wednesday introduced the Financial Intelligence and National Security Act (FINS Act), a bill to close a loophole in U.S. financial law exploited by cartels and terrorist groups to launder money in and out of our country.
The legislation brings unregulated wire transfer services like Western Union and Ria under the same rules as banks—ending the double standard that’s allowed billions in illicit funds to slip through unnoticed.
“Drug traffickers, human smugglers, and terrorist financiers have been using wire transfer companies as a backdoor into our financial system. It’s been a gift to the worst people in the world—and Washington let it happen,” Harrigan said. “The FINS Act shuts that door. It brings accountability, oversight, and puts our national security first.”
Under current law, wire transfer services are not held to the same reporting and monitoring standards as banks, leaving a massive blind spot in federal enforcement. The FINS Act eliminates that gap by amending Section 5312 of Title 31 to classify wire transfer service providers as financial institutions under the Bank Secrecy Act and the Anti-Money Laundering Act of 2020. The legislation also mandates the Treasury Department to issue implementing rules within 180 days, with full enforcement beginning one year after enactment.
Iredell County Sheriff Darren Campbell has been a key partner in shaping and supporting this legislation, bringing frontline insight and ensuring that the needs of local law enforcement are reflected in the fight against cartels.
Sheriff Campbell issued a strong statement of support for Harrigan’s continued efforts to back law enforcement in their fight to combat human trafficking, the flow of drugs, and cartel influence across North Carolina’s 10th District:
“I really appreciate Congressman Harrigan’s steadfast commitment to law enforcement and the relentless efforts to combat drug trafficking and cartel activity here in North Carolina’s 10th District,” Campbell said. “When local law enforcement has the full backing of our congressional leaders, it empowers us to do our jobs more effectively.
“By working together, we’re turning the 10th District into a place where drug dealers and cartels cannot operate freely or exploit our communities. This is a vital step in addressing the national drug crisis that is taking American lives every single day.”
Harrigan is calling on Congress to take immediate action and pass the FINS Act. America’s security will not be sacrificed to bureaucratic complacency.