WASHINGTON (CN) – President Obama has extended for a year an executive order freezing the assets of and blocking any business or financial transactions with Colombian drug traffickers.
Under a 1995 executive order, the Attorney General, the Secretary of the Treasury, and the Secretary of State can indentify individuals and organizations that they believe are directly involved in, or assist, narcotics trafficking, and seize their assets.
The ban extends not just to the traffickers but to any party that seeks to do business on behalf of the traffickers or would benefit from such a transaction.
Under the National Emergencies Act, executive declarations of national emergencies end a year after they are made unless the president determines before the anniversary date that a continuation is in the best interests of the United States. The state of national emergency with regard to Colombian drug traffickers has been extended every year since it was signed.
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