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US Sanctions Against Latin American Ranchers Reflect Broader Cartel Ties

By Colby Adams

Bank compliance staff should more thoroughly scrutinize clients tied to Central America and Mexico's cattle industry following a spate of related U.S. sanctions, say current and former officials. Since April, the U.S. Treasury Department's Office of Foreign Assets Control, OFAC, has separately blacklisted four cattle companies in Honduras and Mexico for allegedly helping three drug-trafficking cartels disguise their profits. The designated entities have ranged from cattle ranches to sales companies. Constrained by the need to protect their intelligence sources, the Treasury Department is nonetheless suggesting "a pattern of activity" of which banks should take note, said Brian Grant, a former...

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