US Advances Collaboration With Mexico on Illicit Financing

Officials from the US Department of the Treasury visited Mexico to bolster collaboration in the fight against illicit financing, particularly concerning the trafficking of fentanyl and related financial activities. The visit underscores the commitment of both nations to disrupt transnational criminal organizations involved in drug trafficking and money laundering.

The trip saw Treasury officials engaging with counterparts from the Mexican government and representatives from the financial sectors of both countries. This initiative follows Secretary Janet Yellen’s pledge during her visit to Mexico in December 2023 to utilize all available tools to disrupt drug traffickers’ ability to operate.

Officials from the Treasury's Financial Crimes Enforcement Network (FinCEN) co-led an illicit financing roundtable with Mexico's Financial Intelligence Unit (UIF) and banking regulator (UBVA). The discussions centered around cross-border financial crimes, including money laundering associated with fentanyl precursors, human trafficking, fraud, and corruption. The dialogue focused on enhancing collaboration between financial institutions, regulators, and law enforcement agencies from the United States and Mexico, focusing on identifying financial activity indicative of illicit behavior.

Moreover, the US Treasury's Office of Terrorist Financing and Financial Crimes convened the 19th Bilateral Public Private Banking Working Group in partnership with the Mexican Ministry of Finance and Public Credit. The meeting brought together financial institutions and policymakers to advance strategic priorities on countering illicit financing. Discussions included calls for increased cross-border information sharing between US and Mexican banks to combat financial crime effectively.

The US Treasury also provided updates on regulatory developments, including the launch of the United States' Beneficial Ownership Information Registry and the publication of the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing.

Recognizing the significant threat posed by money laundering linked to drug trafficking, the Treasury Department has been actively implementing measures to disrupt transnational criminal organizations involved in illicit drug trade. Since December 2021, nearly 250 sanctions have been imposed on individuals and entities involved in drug trafficking, with a focus on disrupting the illicit fentanyl supply chain. The department has also launched a Counter-Fentanyl Strike Force, leveraging resources and expertise across key Treasury offices to combat the trafficking of fentanyl effectively.