Treasury Secretary Janet Yellen recently announced the Biden administration's efforts to combat fentanyl and drug trafficking into the United States. Yellen revealed that the Treasury Department, in collaboration with the DEA and U.S. attorneys in Atlanta, imposed sanctions on eight individuals linked to the La Nueva Familia Michoacana drug cartel. This cartel, known for its violence and influence, is accused of smuggling humans and trafficking fentanyl, cocaine, and methamphetamine into the U.S.
The Treasury Department's Office of Foreign Assets Control stated that the sanctions aim to disrupt the cartel's operations by cutting off their access to the U.S. financial system and the dollar. Yellen acknowledged concerns about cartels using cryptocurrency for revenue but noted that it remains a small part of their financing activities.
Over the past two years, the Treasury Department has sanctioned over 250 individuals involved in drug trafficking, targeting various aspects from transportation networks to chemical suppliers. When questioned about the timing of these actions, Yellen explained that extensive collaboration with law enforcement and the Mexican government was necessary to gather the required information.
Yellen emphasized the severity of the fentanyl crisis, highlighting its potency compared to heroin and morphine. The CDC reports an average of 115 opioid-related deaths daily in the U.S., with fentanyl and synthetic opioids claiming over 1 million lives since 2000.
Addressing the multi-faceted approach to tackling drug trafficking, Yellen underscored the importance of disrupting the financial channels that sustain these criminal activities. By leveraging the Treasury's expertise in cutting off illicit money flows, the administration aims to weaken drug-trafficking organizations' financial capabilities.
Yellen expressed President Biden's commitment to addressing the opioid epidemic as a top priority, emphasizing the collaborative efforts across various government agencies. With a focus on disrupting the financial underpinnings of drug cartels, the administration seeks to make significant strides in combating the devastating impact of fentanyl and other synthetic opioids on communities.
