OFAC sanctioned six individuals and two companies for involvement in a money laundering scheme tied to the Sinaloa Cartel. The network allegedly collected bulk cash from illicit drug sales, processed the proceeds, converted them into cryptocurrency, and sent the cryptocurrency to the cartel in Mexico. The scheme included moving cash in bulk from the United States to Mexico and using companies to obscure the origin of funds. The U.S. Treasury also blocked assets of entities with at least 50% cartel ownership. The designated individuals were linked to the Chapitos faction and to oversight of narcotics shipments from Mexico into the United States. The Treasury stated it would continue targeting cartel fentanyl trafficking networks to protect communities.
"Treasury will continue to target terrorist cartels and their fentanyl trafficking networks to protect our communities and Keep America Safe, he stated."
#ofac-sanctions #sinaloa-cartel #cryptocurrency-money-laundering #fentanyl-trafficking #asset-freezes
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