OFAC sanctions drug cartel over China procurement; FinCEN issues advisory


The Treasury Department’s Office of Foreign Assets Control (OFAC) and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.

The sanctions, along with an advisory to financial institutions from the Treasury’s Financial Crimes Enforcement Network (FinCEN), are the opening salvo by the Biden administration in response to the recently enacted FEND Off Fentanyl Act.

The FinCEN advisory is for nonbank financial institutions such as casinos, depository institutions, the insurance industry, money services businesses, mortgage companies/brokers, the precious metals/jewelry industry, and securities and futures, the agency said in a press release.

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