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3/22/2024

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Press Conference in Phoenix, Arizona | U.S. Departm…

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at
Press Conference in Phoenix, Arizona
March 22, 2024

As Prepared for Delivery
Thank you. Iʼm grateful to be here today with U.S. Attorney Restaino, Attorney General Mayes,
and Mayor Gallego. You all have not only been leaders in our nationwide fight against drug
tra icking, but you have also been excellent partners to the Biden-Harris Administration and
the Treasury Department.
Iʼm also grateful to be here today with members of the Phoenix DEA Local Enforcement
Response Squad and Phoenix Police Department. Working closely with you and others in local
law enforcement makes it easier for us to identify and cut o the money these drug dealers
are illegally earning.
It is a top priority of the Biden-Harris Administration and of the Treasury Department to stop
illicit fentanyl from entering the United States and disrupt the cartels that peddle this deadly
drug.
Here in Arizona, more than five people in Arizona die each day from opioid overdoses. In
Maricopa County, the majority of all drug-related deaths now involve fentanyl. Since 2015,
fentanyl deaths have increased by almost 5,000 percent since. What makes these tragedies all
the more heartbreaking—and infuriating—is knowing that criminals tra icking these drugs
pursue profits with a callous disregard for American lives.
President Biden asked Treasury to use all the tools at our disposal to go a er the millions of
dollars these drug tra icking cartels and networks earn o their illegal activity. In December
2023, our O ice of Terrorism and Financial Intelligence and IRSʼ Criminal Investigations
division launched the Counter-Fentanyl Strike Force to better marshal Treasuryʼs resources
and expertise in a coordinated and streamlined operation to combat the tra icking of illicit
fentanyl.
Our ability to target the financial networks of these tra ickers is e ective because, in many
respects, these deadly cartels operate like any other business. They need access to money.
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3/22/2024

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Press Conference in Phoenix, Arizona | U.S. Departm…

They want to transact in U.S. dollars. And they ultimately want access to the American
financial system to launder their drug proceeds. By cutting them out of the U.S. financial
system, we can e ectively disrupt their ability to profit from drug sales in our country.
Iʼm here in Phoenix to announce new sanctions against a major Sinaloa Cartel network
comprised of 21 targets responsible for tra icking fentanyl into Arizona and other U.S. states
and abusing the U.S. financial system to launder drug proceeds. This action builds on the 65
Sinaloa Cartel targets and 55 CJNG targets Treasury designated in 2023.
Todayʼs designations also highlight both the global and local scale of our e orts. In
November, President Biden raised the issue of fentanyl directly with Chinese President Xi
Jinping. In response, weʼve seen the PRC stepping up enforcement with its domestic industry
to limit the flow of precursor chemicals fueling illicit fentanyl.
In December, Secretary Janet Yellen met with leaders of the Mexican government to further
deepen our partnership with them to curb drug tra icking. This includes working with Mexican
authorities and financial institutions on both sides of the border on ways we can accelerate
cross border information sharing.
And today, we were able to act thanks to our local partners at the DEA Phoenix Field Division
as well as DEAʼs Scottsdale Task Force. In addition to the designations, we are also pleased to
announce the signing of an updated Memorandum of Understanding with the Arizona U.S.
Attorneyʼs O ice for its continued access to and use of Bank Secrecy Act (BSA) data. BSA data
plays an integral role in identifying criminal activities—including drug and fentanyl tra icking—
and will enable Treasury to continue to work with local law enforcement to root out illicit
activity.
Disrupting the financing of fentanyl tra icking is one important step in disrupting the ability of
cartels to operate in the United States. As President Biden has said, we also need more
resources at the border to interdict tra ickers.
We continue to call on Congress to pass the Administrationʼs national security supplemental
budget request, which included over $200 million to hire 1,000 additional CBP o icers to stop
illicit fentanyl from entering the United States and $100 million for Homeland Security
Investigations to disrupt transnational criminal organizations and drug tra icking. As those in
this room continue to take strides in curbing drug tra icking, it is critical that we have the
resources we need to put an end to this destructive force in our communities.
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Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Press Conference in Phoenix, Arizona | U.S. Departm…

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