Reports show U.S. Treasury Secretary Janet Yellen recently announced penalties on fifteen individuals and two businesses that the country accuses of having ties to a Mexican drug ring.
According to a report, Yellen made the statement while in Mexico City, stating that to solve the opioid issue and increase national security, we must consider solutions worldwide.
After the Treasury Department announced a strike group to combat illegal fentanyl trafficking, Yellen visited Mexico early in December.
The 15 individuals and 2 businesses hit with sanctions were all connected to the Beltran Leyva drug cartel in some way, either directly or indirectly, as determined by the Treasury Department.
According to the Biden administration, cartel members were fined alongside two individuals that the US deems to be cartel leaders. Pedro Inzunza Noriega and Oscar Manuel Gastelum Iribe, a musician.
The U.S. Treasury reports that the cartel had been supplying the country with methamphetamine, cocaine, and other narcotics for decades and that it has a long history of involvement in the sale of lethal drugs like fentanyl.
Yellen stated that drug trafficking organizations illicitly earn billions of dollars annually. Their assets include cash, investments like real estate, and digital assets. The United States banking system is susceptible to threats, such as those posed by drug trafficking groups’ use of shell corporations.
The new restrictions make it illegal for the sanctioned individuals or organizations to do business with Americans and cut off their access to assets and financial institutions in the United States.
According to the Treasury Department, ten persons, including several Sinaloa Cartel members and fugitives, were sanctioned in September by the Office of Foreign Assets Control (OFAC) of the Department of the Treasury per Executive Order 14059.
The members of the Sinaloa Cartel’s Los Chapitos group are the ones sanctioned today. One of the most destructive transnational criminal organizations in the world, the Sinaloa Cartel is responsible for a large amount of the illegal fentanyl and other lethal narcotics that are transported into the US.
The head of the Clan del Golfo, a major criminal organization in Colombia that oversees the majority of the country’s cocaine production, distribution, and cultivation, was also sanctioned by OFAC.