US Targets Mexican Companies, Individuals for Aiding Sinaloa Drug Cartel Samuel Rubenfeld - WSJ.com
go to original August 19, 2016

A handout picture provided March 27, 2016, shows Juan Manuel Alvarez Inzunza, identified as an alleged money launderer for the Sinaloa cartel. (European Pressphoto Agency)

The U.S. Treasury Department said it imposed Kingpin Act sanctions on two men with alleged ties to the Sinaloa Cartel, including one of its reputed chief money launderers.

Treasury said it imposed sanctions on Juan Manuel Alvarez Inzunza, a who it said is a money launderer, and Jose Olivas Chaidez, who it alleged is a key narcotics trafficker. As a result, their U.S. assets are frozen and Americans are barred from doing business with them.

The sanctions designations “represent a strategic blow” to the cartel’s ability to move drugs and launder drug-linked proceeds into Mexico, Central America and South America, said John Smith, acting director of Treasury’s Office of Foreign Assets Control, in a statement.

Mr. Inzunza, Treasury said, is a Mexico-based money launderer who provides his services to high-ranking Sinaloa members, including top lieutenants who operate on behalf of the cartel leadership. Two companies controlled by Mr. Inzunza were also hit Tuesday with sanctions. He was arrested in March by Mexico.

Mr. Chaidez oversees a drug-trafficking cell that distributes bulk cocaine to California, and Mr. Inzunza helped him transmit million-dollar quantities of drug money from the U.S. to Mexico and throughout Central and South America, Treasury alleged.

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