On June 18, 2024, Secretary of the Treasury Janet L. Yellen addressed a press conference in Atlanta, Georgia, alongside representatives from the Drug Enforcement Administration and the U.S. Attorney’s Office to announce new measures against the opioid crisis.
Yellen revealed that the Treasury’s Office of Foreign Assets Control has sanctioned eight targets linked to La Nueva Familia Michoacana, a Mexican criminal organization involved in trafficking fentanyl and other drugs into the United States. Additionally, the Financial Crimes Enforcement Network issued an advisory to financial institutions aimed at detecting financial flows that support the illicit fentanyl supply chain.
“Since 2000, more than one million people in the United States have died of drug overdoses,” Yellen stated. She emphasized that fentanyl and synthetic opioids are responsible for most drug-related deaths and highlighted a significant increase in overdose deaths involving fentanyl in Georgia between 2019 and 2021.
The economic impact is also substantial. “The U.S. Joint Economic Committee estimates that the opioid epidemic cost America nearly $1.5 trillion in 2020,” she noted.
President Biden has directed comprehensive government action against the opioid epidemic as part of his Unity Agenda. This includes expanding treatment access and enhancing law enforcement capabilities at borders with additional drug detection machines.
International cooperation is also crucial. Last year, President Biden launched a global coalition to address synthetic drug threats with over 100 countries participating. Bilateral efforts with China focus on precursor chemicals used for manufacturing fentanyl, while collaboration with Mexico targets financial flows supporting narcotics trafficking.
Treasury’s sanctions aim at disrupting narcotrafficking organizations by targeting their financial networks. “Over the past two years, Treasury has sanctioned more than 250 targets for involvement in drug trafficking activities,” Yellen mentioned.
Financial institutions play a critical role by flagging suspicious activities related to narcotrafficking. The recently announced advisory will help these institutions identify transactions linked to precursor chemicals and equipment used for manufacturing illicit fentanyl.
Yellen concluded by reaffirming commitment: “The President and I will do everything we can to combat this crisis.”
