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Yellen Unveils Sanctions on Mexican Cartel Leaders Tied to Fentanyl

U.S. Treasury Secretary Janet Yellen

United States – U.S. Treasury Secretary Janet Yellen on Thursday declared new sanctions on some leaders in a Mexican cartel associated with fentanyl and a chemical used in making the substance in the country as part of efforts that aim at reducing the use of the synthetic opioid locally.

Janet Yellen Announces Sanctions During Georgia Visit

Yellen announced the sanctions against eight leaders and eight affiliates of the La Nueva Familia Michoacana cartel during her tour of Georgia, one of the most significant swing states in the Nov. 5 presidential election, as reported by Reuters.

Besides fentanyl, Treasury stated that La Nueva Familia Michoacana distributes cocaine and methamphetamines in the United States and uses the southern region of the United States border to smuggle migrants.

Impact of Sanctions

They exclude the targets from the dollar-based financial system, which means that no dollar credit is available to them, and all their assets in the U. S. or dollar-based institutions are frozen.

Yellen also outlined a new supplemental advisory from FinCEN for banks to help them identify specific transactions related to the procurement of fentanyl precursor chemicals and manufacturing equipment by Mexican cartels using Chinese sources.

Financial Advisory to Banks

Such transactions will aid FinCEN and associated agencies in apprehending the traffickers, a situation Yellen referred to as an ‘important step’ against fentanyl and other synthetic opioids.

“This allows us to follow the money behind the illicit fentanyl supply chain and go after the criminals perpetrating and profiting off of the opioid epidemic,” Yellen said in a statement which is to be delivered at the Richard B. Russell Federal Building in Atlanta, as reported by Reuters.

Cooperation with Mexico

Yellen also requested enhancing the cooperation to combat the trafficking of fentanyl and its ingredients with Mexico and noted that the Biden administration will make this a priority while working with Mexican President-elect Claudia Sheinbaum.

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