The Department of Treasury sanctioned the Japanese crime syndicate known as the “yakuza”, whose criminal activity has become a growing concern to federal authorities.
Yesterday, the Treasury Dept. announced that it would freeze the group’s American-based assets and make any transactions between Americans and members of the yakuza illegal. They have turned all forms of criminal activity such as prostitution, drug trafficking, and fraud into billion dollar businesses all over the world, according to the department.Yakuza groups have been tied to crimes in this country, mainly concentrated in California and Hawaii.
The Treasury is using sanctions authority created by a 2011 executive order to “target transnational criminal organizations and isolate them from the global financial system.”
The yakuza gangs, which have about 75,000 members respectively, have deep history in Japan and have operated for more than a century. Most recently, they have been the financial backing for many key businesses in Japan including the nuclear industry.
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