Treasury Secretary Janet Yellen announces sanctions against eight individuals linked to La Nueva Familia Michoacana, one of Mexico's most violent drug cartels responsible for trafficking fentanyl into the United States. These measures aim to disrupt the cartel's financial operations and curtail its illicit activities.
Treasury Secretary Janet Yellen has announced sweeping sanctions against eight individuals affiliated with La Nueva Familia Michoacana, a notorious drug cartel responsible for trafficking fentanyl and other illicit substances into the United States. This move by the Treasury Department is part of a concerted effort to crack down on the drug crisis and disrupt the flow of fentanyl into the country.
According to the Treasury Department's Office of Foreign Assets Control, La Nueva Familia Michoacana is one of Mexico's most powerful and violent cartels, engaged in human smuggling, fentanyl trafficking, and distribution of cocaine and methamphetamine. In recent months, hundreds of pounds of fentanyl and methamphetamine have been seized near the US-Mexico border in Ensenada, highlighting the scale of the drug problem.
Targeting the Vicious Drug Cartels: Treasury Department Sanctions La Nueva Familia Michoacana
"We intend through these actions to try to cut them off, to make their business very difficult or impossible by cutting them off from the U.S. financial system and the dollar," Yellen stated during an interview with Fox News.
The sanctions aim to prevent the cartel from accessing the US financial system and the dollar, effectively limiting its ability to conduct transactions and launder money. Yellen emphasized the importance of joint efforts with law enforcement agencies and the Mexican government to gather the necessary evidence to bring these actions forward.
Targeting the Vicious Drug Cartels: Treasury Department Sanctions La Nueva Familia Michoacana
Yellen addressed concerns regarding the use of cryptocurrency by drug cartels, acknowledging that while its use remains a small portion of the financing for drug trafficking, the Treasury Department is monitoring the situation closely.
In the past two years, the Treasury Department has sanctioned over 250 individuals alleged to be involved in drug trafficking activities, targeting transportation networks and chemical suppliers. Yellen stressed the ongoing cooperation with the Mexican government, expressing optimism in the continuation of this collaboration under incoming Mexican President Claudia Sheinbaum.
Targeting the Vicious Drug Cartels: Treasury Department Sanctions La Nueva Familia Michoacana
Yellen highlighted the devastating impact of fentanyl and synthetic opioids, noting that over 1 million people have died since 2000 due to these substances. She emphasized that addressing the opioid crisis is a top priority of the Biden administration, requiring an all-of-government approach involving Homeland Security, the DEA, and law enforcement agencies.
The Treasury Department, with its unique focus on illicit financial flows, plays a crucial role in disrupting drug-trafficking organizations by freezing their access to the dollar-based financial system. By working in coordination with other agencies, the Treasury Department aims to stem the flow of drug money and weaken the cartels' grip on the drug trade.
Targeting the Vicious Drug Cartels: Treasury Department Sanctions La Nueva Familia Michoacana
