Drug trafficking generates almost $100 billion a year, which flows through the US financial system, said US Treasury Secretary Janet Yellen.
“Treasury will continue to use our sanctions authorities to isolate drug traffickers and their facilitators from the US and international financial systems,” the official said.
During a meeting with financial authorities, bankers and Mexican businessmen, Yellen recalled that both the Mexican and US governments have continuously worked to stop the trafficking of “several tons” of fentanyl, cocaine and methamphetamine.
“The illicit acquisition of precursor chemicals by drug trafficking organizations in Mexico presents a key challenge to our joint efforts to disrupt the fentanyl trade,” the Treasury Secretary stressed.
He recalled that this Wednesday, the Treasury sanctioned 15 Mexicans and two Mexican companies linked directly or indirectly to the Beltrán Leyva cartel, an organization involved in drug trafficking, which is also an example of the efforts by both administrations to mitigate these crimes.
At the event, Rogelio Ramírez de la O, head of the Ministry of Finance and Public Credit (SHCP), highlighted the importance of collaboration between the public and private sectors for the exchange of information that helps stop the illicit financing of this and other crimes.
“Banks are required to share information with each other to put together pieces of the puzzle that in isolation may not provide enough information to detect illicit flows,” he said.