US sanctions Mexican cartel on fentanyl, Yellen issues new guidance to banks

U.S. Treasury Secretary Janet Yellen on Thursday announced the sanctions against eight leaders and eight affiliates of the La Nueva Familia Michoacana cartel during a trip to Georgia, a key battleground state in the Nov. 5 presidential election.

In addition to fentanyl, Treasury said La Nueva Familia Michoacana trafficks cocaine and methamphetamines into the U.S. and smuggles migrants across the southern U.S. border.

The sanctions cut the targets off from the dollar-based financial system and freeze any assets that they may have in the U.S. or in U.S.-based institutions.

Yellen also announced a new supplemental advisory to banks from the Treasury’s Financial Crimes Enforcement Network (FinCEN) to help them identify and report suspicious transactions related to procurements of fentanyl precursor chemicals and manufacturing equipment by Mexico-based criminal organizations from China.

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