WASHINGTON – From September 23 to September 27, Acting Director for Treasury’s Office of Foreign Assets Control (OFAC) Lisa Palluconi will travel to Colombia and Mexico to strengthen Treasury’s ties with the sanctions compliance communities. The Biden-Harris Administration’s sanctions authorities, such as Executive Order 14059 signed in December 2021, strengthen Treasury’s ability to combat the global drug trade by targeting drug traffickers, money launderers, and facilitators. Since December 2021, Treasury has designated major drug trafficking organizations based in Colombia, such as Clan del Golfo, and Mexico, including the Cartel Jalisco Nueva Generacion (CJNG) and the Sinaloa Cartel. Last year, Secretary Yellen launched the Counter-Fentanyl Strike Force, which brings together Treasury’s expertise and resources in fighting financial crime, led by the Office of Terrorism and Financial Intelligence and IRS Criminal Investigation.
In Bogota, Colombia, Acting Director Palluconi will provide the keynote remarks at the second United States-Colombia Joint Summit on Sanctions and Anti-Money Laundering Compliance. The summit, funded by the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, brings together Colombian government officials and members of Colombia’s banking community in efforts to deepen knowledge of OFAC’s programs and processes while encouraging a bilateral discussion on shared priorities, such as environmental crime and anti-money laundering compliance.
In Mexico City, the Association of Banks in Mexico (ABM) will host Acting Director Palluconi at their OFAC Compliance Workshop. The ABM has long been a close partner for OFAC and the U.S. Embassy in Mexico City. The event will demonstrate the important collaboration between OFAC and ABM in working together to safeguard the integrity of the U.S. and Mexican financial systems, promote shared security and economic prosperity, and ensure Treasury’s sanctions programs are understood and effectively implemented.
Treasury’s partnership with the private sector has yielded over the years an enormous success in promoting sanctions compliance and safeguarding the financial system from illicit capital flows.
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