U.S. Treasury Hits Mexican Banks with Fentanyl Sanctions
The U.S. Treasury has imposed new sanctions against Mexican financial institutions CIBanco, Intercam Banco, and Vector Casa de Bolsa. These actions, enacted under the Fentanyl Sanctions Act, aim to clamp down on money laundering linked to fentanyl trafficking, enhancing the Treasury's authority to act against such illegal activities.
The United States Treasury Department has taken decisive action against Mexican financial institutions involved in fentanyl trafficking. In a move signaling enhanced measures against opioid-related crimes, the Treasury prohibited certain transactions with CIBanco, Intercam Banco, and Vector Casa de Bolsa.
This marks the inaugural use of powers granted under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, empowering the Financial Crimes Enforcement Network (FinCEN) to tackle money laundering linked to the illegal trade of synthetic opioids. By targeting these banks, the Treasury aims to disrupt cartel operations financing this deadly trade.
FinCEN's statement highlights the U.S. commitment to combat the scourge of fentanyl and its devastating impact. The new sanctions reflect increased international cooperation in eradicating the financial underpinnings of drug trafficking organizations.
(With inputs from agencies.)
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