Litigation partners Jessica Carey and Roberto Gonzalez and counsel Sam Kleiner co-wrote an article discussing the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN)’s orders restricting certain Mexican financial institutions from the U.S. financial system based on their ties to fentanyl-related illicit finance. In the article, “Lessons From Crackdown On Mexican Banks With Cartel Ties,” published on July 22, the authors note that this is the regulator’s first use of its authority under the FEND Off Fentanyl Act, and they discuss practical implications for both U.S. and foreign financial institutions.
“FinCEN's orders are the latest signal that the administration will be taking significant measures against financial institutions and corporations that facilitate fentanyl-related illicit finance,” they write. “The orders and related guidance provide a road map for financial institutions to review and, where appropriate, enhance their compliance programs to identify red flags for this type of activity.”
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