Overview

• Treasury Secretary Janet Yellen is heading to Mexico to promote the US Treasury Department's new Counter-Fentanyl Strike Force, aimed at combating illicit fentanyl trafficking.
• The Counter-Fentanyl Strike Force will bring together personnel and intelligence from throughout the Treasury Department to more effectively collaborate on stopping the flow of drugs into the US.
• The task force will analyze the financial flows of trafficking organizations, especially those that rely on cryptocurrency to move funds; work with local law enforcement in areas hardest hit by the fentanyl epidemic and use financial institution records to detect transactions related to drug and human smuggling.
• Yellen's visit to Mexico will also focus on strengthening economic ties and boosting supply chains through her 'friendshoring' initiative.
• The creation of the task force and Yellen's Mexico trip are part of the Biden administration's plan to redouble its efforts to stem the tide of illegal fentanyl, following a meeting between President Joe Biden and Chinese President Xi Jinping where China agreed to curtail shipments of the materials used to produce fentanyl to Latin America.