Treasury Secretary Janet Yellen recently announced the Biden administration's efforts to combat fentanyl and drug trafficking into the United States. Yellen revealed that the Treasury Department, in collaboration with the DEA and U.S. attorneys in Atlanta, imposed sanctions on eight individuals linked to the La Nueva Familia Michoacana drug cartel. This cartel, known for its violence and influence, is accused of smuggling humans and trafficking fentanyl, cocaine, and methamphetamine into the U.S.
The Treasury Department's Office of Foreign Assets Control stated that the sanctions aim to disrupt the cartel's operations by cutting off their access to the U.S. financial system and the dollar. Yellen acknowledged concerns about cartels using cryptocurrency for revenue but noted that it remains a small part of their financing activities.
