The Treasury Department announced it is probing over 100 financial service businesses along the U.S.-Mexico border, over suspicions they are working with drug cartels.
The department’s Financial Crimes Enforcement Network stated in a press release that the inquiry led to six notices of investigation, dozens of examination referrals to the IRS, and over 50 compliance outreach letters. The operation, concerning possible violations of the Bank Secrecy Act, combed through over 1 million Currency Transaction Reports and 87,000 Suspicious Activity Reports.
“At President Trump’s direction, the Treasury Department is utilizing all tools to stop terrorist cartels, drug traffickers, and human smugglers,” Treasury Secretary Scott Bessent said in a statement. “This sweeping operation will help root out potential cartel-related money laundering from the U.S. financial system.”
Bessent credited the department’s new emphasis on modernization, high-tech, and data-driven approaches under the Trump administration for cracking down on financial crimes.
The Treasury Department has been at the forefront of the Trump administration’s efforts to crack down on Latin American drug cartels, sanctioning figures and groups accused of supporting them. This crackdown has extended to entertainers, one of the most notable of whom is Jimena Romina Araya Navarro, also known as Rosita, a famous Venezuelan model, influencer, and DJ who was sanctioned earlier this month over her alleged support for Tren de Aragua.
TRUMP SANCTIONS VENEZUELAN MODEL OVER ALLEGED SUPPORT FOR TREN DE ARAGUA
“Under President Trump, barbaric terrorist cartels can no longer operate with impunity across our borders. The Tren de Aragua network’s narcotrafficking and human smuggling operations have long posed a grave threat to our nation,” Bessent said at the time. “At the direction of President Trump, we will continue to use every tool to cut off these terrorists from the U.S. and global financial system and keep American citizens safe.”
Another notable celebrity sanctioned over support for drug cartels was former Canadian Olympic snowboarder Ryan Wedding, who became one of the most powerful drug lords in Mexico.
