Lauren Simonetti de Fox Business reports how the families of fentanyl victims call for a major repression of the alleged trade in deadly drugs in China.
The Trump administration on Wednesday, for the first time, used a new authority to demand that American financial institutions buy ties with three banks in Mexico to whiten money in the name of Cartels.
The Treasury Department has identified cartels Who “exploited Mexico’s financial institutions to move money”, who said that the Secretary of the Treasury, Scott Bessent, allows the “vicious fentanyl supply chain which poisoned countless Americans”.
“Thanks to the first use of a new powerful authority granted by the Congress, the Treasury will actually require that US financial institutions break the links with 3 financial institutions in Mexico to whiten money on behalf of the cartels,” said Treasury Secretary Scott Bessent on Wednesday.
The network of execution of financial crimes of the Treasury Department (Fincen) issued ordinances identifying three banks based in Mexico – Termino SA, Institution of Banca Multiple (Cibanco), Intercam Banco SA, Instución de Banca Multiple (Intercam) and Vector Casa de Bolsa, its CV (Vector) – as a “concern Opioid.
The American secretary of the Treasury, Scott Bessent, testifies to an audience of the Committee of Financial Services of the Chamber entitled “The annual testimony of the Secretary of the Treasury on the State of the International Financial System”, on Capitol Hill in Washington, D. (Photos Reuters / Nathan Howard / Reuters)
Orders also prohibit certain transmitted funds involving CIBANCO, Interam and Vector.
The ordinances are the first actions of Fincen in accordance with the Fentanyl sanctions law and the Fentanyl Act. This law provides additional authorities to the Treasury Department to target money laundering associated with fentanyl traffic and other synthetic opioids, including cartels.
Fincen said that Cibanco and Interam are commercial banks with more than $ 7 and $ 4 billion in total assets, respectively. Vector is a brokerage company managing nearly $ 11 billion in assets.
An investigation led to a crisis of around 32,000 fentanyl pills with a street value of $ 1 million. (NYC Special Narcotics Procutor’s Office / Fox News)
Fincen said financial institutions have “played a long -standing and vital role in laundering millions of dollars in the name of Mexico cartels and facilitating payments for the purchase of precursor chemicals necessary to produce fenanyl”.
Bessent said that the United States and Mexico are “attached to financial systems with strong money laundering / Funding of terrorism controls”.
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“These actions confirm Treasury’s commitment to use all the tools at our disposal to counter the threat posed by terrorist organizations,” added Bessent.
