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OFAC sanctions Mexican cartel members and facilitator
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a commander and his organization responsible for facilitating drug trafficking between Mexico and the U.S. OFAC also designated six other individuals and one entity as Specially Designated Narcotics Traffickers pursuant to the Kingpin Act for their connections to the organization. Director of OFAC Andrea Gacki noted that the sanctioned organization “help[s] fuel our nation’s opioid epidemic” and that “Treasury and our U.S. government partners, including the Drug Enforcement Administration, will continue to use every available resource to dismantle these criminal networks.” As a result of the sanctions, all property belonging to the sanctioned persons subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are also generally prohibited from engaging in any dealings involving the property of blocked or designated persons.
These sanctions against the drug trafficking cartel are the most recent efforts taken by OFAC pursuant to the Kingpin Act (covered in InfoBytes, here and here).
OFAC sanctions Mexican cartel members and facilitator
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a commander and his organization responsible for facilitating drug trafficking between Mexico and the U.S. OFAC also designated six other individuals and one entity as Specially Designated Narcotics Traffickers pursuant to the Kingpin Act for their connections to the organization. Director of OFAC Andrea Gacki noted that the sanctioned organization “help[s] fuel our nation’s opioid epidemic” and that “Treasury and our U.S. government partners, including the Drug Enforcement Administration, will continue to use every available resource to dismantle these criminal networks.” As a result of the sanctions, all property belonging to the sanctioned persons subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are also generally prohibited from engaging in any dealings involving the property of blocked or designated persons.
These sanctions against the drug trafficking cartel are the most recent efforts taken by OFAC pursuant to the Kingpin Act (covered in InfoBytes, here and here).
OFAC sanctions Mexican cartel commander
On April 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a regional commander responsible for controlling territory belonging to a major Mexico-based drug trafficking cartel. OFAC noted that the action was taken in coordination with the State Department and DOJ, which unsealed an indictment against the sanctioned individual. Acting Assistant Attorney General Nicholas L. McQuaid emphasized that the designation and indictment “show that the [DOJ], together with our law enforcement partners, will aggressively investigate and criminally prosecute the violent cartels and kingpins who import illegal drugs into our communities.” According to OFAC, this designation is the agency’s fourteenth action taken against the Mexico-based drug trafficking cartel (see previous InfoBytes coverage here). As a result of the sanctions, all property and interests in property belonging to the sanctioned individual subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are also generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons.
OFAC sanctions Mexican cartel members and facilitator
On April 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against two members of a major Mexico-based drug trafficking cartel, along with another individual responsible for facilitating travel related to the illicit activities for senior cartel members and their allies. In addition, OFAC designated two businesses located in Mexico. According to OFAC, the designations serve as “a reminder that Treasury will continue to sanction those providing support to [the cartel], whether that person is a violent actor or a complicit businessperson.” As a result of the sanctions, all property and interests in property belonging to the sanctioned individuals and entities subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are also generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons.
U.S., Canada, and Mexico announce annual financial regulatory forum
On November 30, the U.S. Treasury Department, the Canadian Department of Finance, and the Ministry of Finance and Public Credit of Mexico (collectively, the “authorities”) announced the creation of the Canada-Mexico-United States Financial Regulatory Forum (Forum) to share information on financial sector developments and financial regulatory practices and procedures. The authorities published a joint “understanding,” which outlines the Forum’s intentions, including: (i) sharing information to allow for timely identification of potential cross-border financial regulatory issues; (ii) exchanging views on emerging financial sector developments and financial stability risks; and (iii) discussing regulatory issues that arise in bilateral and multilateral contexts or which relate to international standards. The Forum intends to meet annually.
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