Treasury Focusing on Sanctioning Fentanyl Traffickers, 'Committed' to Continued Venezuela Pressure, Yellen Says
The Treasury Department is dedicating “significant” resources to sanctioning international fentanyl traffickers and is committed to maintaining strong sanctions against the Venezuela government for human rights violations, Treasury Secretary Janet Yellen told a House Appropriations subcommittee June 10.
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Yellen said the agency has “really put significant investigative resources on this problem” of fentanyl traffickers partly because the designations have proven effective. “We focus our efforts on the illicit fentanyl trade because we see them as vulnerable to sanctions,” she said, “a place where sanctions work.” Treasury is particularly focused on catching fentanyl traffickers who use alternative payment services to avoid sanctions. “A core part of our sanctions regime is that we focus on all the different mediums by which these illegal payments occur,” Yellen said. “We’re certainly aware of the use of the dark web and cryptocurrencies and so forth to facilitate these payments.”
Although Treasury is undergoing a broad review of its sanctions programs (see 2106070007), Yellen said the agency is committed to maintaining pressure on the Nicolas Maduro regime in Venezuela. “I'm absolutely committed to that,” she said. “There’s a humanitarian crisis going on in Venezuela, and it's really driven by the Maduro regime's corruption and repressive policies and economic mismanagement. We have an active and committed program of sanctions there.” She also said the agency is “working hard” to make sure sanctions aren't impeding humanitarian aid to Venezuela (see 2105260047). “But we have very broad sanctions in place,” she said, “and continue to work to refine and calibrate our approach.”