Q3 Earnings Alert: These are the most overvalued right nowSee Overvalued Stocks

Treasury official traveling to Colombia, Mexico as US imposes sanctions

Published 09/24/2024, 06:09 AM
Updated 09/24/2024, 10:50 AM
© Reuters. FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) -The United States took aim at drug trafficking on Tuesday as the Treasury Department imposed sanctions on leaders of one of Colombia's largest trafficking organizations and businesses in Mexico it said were owned by Sinaloa Cartel fentanyl smugglers.

A senior Treasury Department official is traveling to Colombia and Mexico this week to seek to counter money laundering, drug trafficking and the smuggling of fentanyl to the country. The trip was first reported by Reuters.

Acting Director of the Office of Foreign Assets Control Lisa Palluconi's visit comes as the United States has sought to fight the fentanyl crisis, including through the imposition of sanctions.

A Treasury official said Palluconi's meetings in Mexico City will touch on the lethal narcotic, which is trafficked into the United States, often across the porous U.S.-Mexico border, and easily manufactured from chemicals sourced in China.

Fentanyl overdoses have surged to become the leading cause of death for Americans between the ages of 18 and 45 and over 107,000 Americans died from drug overdoses in 2023.

Tuesday's sanctions, which the Treasury said were coordinated with the government of Mexico, targeted two businesses - a frozen dessert business as well as a retail pharmacy and supermarket - it said were set up by drug traffickers already under U.S. sanctions.

© Reuters. FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo

The Treasury said Sinaloa Cartel members frequently use the proceeds of international drug trafficking to establish businesses that can appear to operate legitimately.

Also targeted were five Colombian nationals the Treasury accused of being leaders within the Clan del Golfo, the country's largest criminal gang, in action collaborated with the Colombian National Police and the Drug Enforcement Administration.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.