Lauren Simonetti of Fox Business reports on how the families of fentanyl victims are seeking a major crackdown on alleged Chinese trade in deadly drugs.
For the first time on Wednesday, the Trump administration called on US financial institutions to use their new powers to cut money to wash their money, in order to cut ties with three Mexican-based banks. cartel.
Identified by the Ministry of Finance cartel It said it would “exploit Mexico-based financial institutions to drive money.” The Treasury Department of Scott Bescent said it would enable “a vicious fentanyl supply chain that poisoned countless Americans.”
“By first using the new and powerful authorities granted by Congress, the Treasury effectively requires US financial institutions to cut ties with three Mexican-based financial institutions to wash their money on behalf of the cartel,” Treasury Secretary Scott Becent said Wednesday.
The Ministry of Finance’s Financial Crime Enforcement Network (FINCEN) is based in three Mexico-based banks: Cibanco SA, Institution de Banca Multithips (Cibanco), Intercam Banco SA, Intitución de Banca Multithip (Intercam), and Vector Casa de Bolsa, sa de CV (vecrid in becring bith in “becring in casa de cvecting congesting) –
US Treasury Secretary Scott Bescent testified before the House Financial Services Committee on Capitol Hill, Washington D., entitled “The Treasury Secretary’s Annual Testimony on State of the International Financial System.” (Reuters/Nathan Howard/Reuters photos)
The order also prohibits certain transmission of funds, including Cibanco, Intercam and Vector.
The order is the first action by Fincen under the Fentanyl Sanctions Act and the Fendantanyl Act. The Act provides the Treasury with additional authorities targeting money laundering related to the trafficking of fentanyl and other synthetic opioids, including cartels.
Fincen said Cibanco and Intercam are commercial banks each with total assets of over $7. Vector is a brokerage that manages nearly $11 billion in assets.
The investigation has resulted in seizing about 32,000 fentanyl tablets worth $1 million. (NYC Special Narcotics Prosecutor’s Office / FOX News)
Financial institutions have “wash millions of dollars on behalf of Mexico-based cartels and have played a long and important role in promoting payments for the procurement of precursor chemicals needed to produce fentanyl.”
Bescent said both the US and Mexico are “committed to a financial system that counters strong money laundering/counter-terrorist financing.”
Click here to get the Fox News app
“These actions affirm the Treasury’s commitment to using all the tools we have at our disposal to combat the threat posed by terrorist organizations,” Bescent added.
