Lowen Simonetti reports how the families of fentanyl victims are calling for a major blow to alleged deadly drug trafficking in China.
The Trump administration used for the first time Wednesday, used new authority to demand from US financial institutions to reduce Mexico -based links to money laundering in the name of cartels.
The Ministry of Finance has identified cartels who “exploited the Mexico -based financial institutions to transfer money”, which Finance Secretary Scott Benen said was enabling the “wicked chain of fentanyl to poison countless Americans”.
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“Through the first use of a new powerful authority granted by Congress, the finance ministry will effectively require US financial institutions to suspend links with 3 Mexico -based money laundering on behalf of the cartels,” Finance Secretary Scott said on Wednesday.
The Treasury Department’s Financial Crimes Enforcement Network (FINCEN) Issued Orders Identifying Three Mexico-Bassed Banks-Cibanco SA, Institution de Banca Multiple (Cibanco), Intercam Banco SA,, Cibanco Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, SA DE CV (Vector) – Aas Being of “Primary Money Laundering Concern in Connection With Illicit Opioid Trafficking in People.
US Department of Finance Secretary Scott Benen testifies before the hearing of the House Financial Services Committee, entitled “Annual Testimony of the Ministry of Finance Secretary for the State of the International Financial System”, Capitol Hill in Washington, D. (Reuters / Nathan Howard / Reuters photos)
The orders also prohibit certain transmission of funds that include Cibanko, Intercam and Vector.
The orders are Finkn’s first activities under the Fentanyl Law on Fentanyl and the Fendanil Law. That act provides the Ministry of Finance additional authorities to target money laundering related to fentanyl and other synthetic opioids, including cartels.
Finken said that Cibanko and Intercam were commercial banks with more than $ 7 and $ 4 billion in total assets, respectively. Vector is a brokerage firm that manages nearly $ 11 billion in funds.
The investigation resulted in a seizure of about 32,000 fentanyl pills with a street value of $ 1 million. (Nyujork Special Prosecutor’s Office for Narcotics / News from Fox)
Finchen said the financial institutions “played a long and vital role in washing millions of dollars on behalf of Mexico -based cartels and facilitating payments to procure previous chemicals needed to produce Fentanyl.”
Renent said that both the United States and Mexico are “committed to financial systems with heavy money laundering/combat counterterrorism funding”.
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“These activities confirm the Ministry of Finance’s commitment to use all the tools available to oppose the threat caused by terrorist organizations,” Rusent added.
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