Washington, May 7 (Xinhua) -- U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Monday announced to sanction three Venezuelan individuals, accusing them of getting involved in drug trafficking and money laundering.

Among them was Pedro Luis Martin Olivares (Martin), who was said to be "a significant foreign narcotics trafficker."

Martin was identified as the former chief of Financial Intelligence for Venezuela's National Directorate of Intelligence and Prevention Services (DISIP), which is now known as the Bolivarian National Intelligence Service (SEBIN).

The OFAC said he has "facilitated the movement of multi-ton loads of cocaine and uses a number of money laundering methods, including the movement of U.S. dollars in bulk by aircraft, couriers, and contracts with third parties."

The other two were Walter Alexander Del Nogal Marquez and Mario Antonio Rodriguez Espinoza, who were sanctioned "for materially assisting in, or providing financial or technological support for or to, or providing goods or services in support of" Martin's international narcotics trafficking activities.

The OFAC also sanctioned 20 companies in Venezuela and Panama that are owned or controlled by these three individuals.

Of the 20 companies, 16 are based in Venezuela while the remaining four are located in Panama. These companies are allegedly used to launder illicit proceeds from both narcotics trafficking and extortion, and purportedly engage in a range of activities, according to the department.

"This action is in response to Martin's extensive drug trafficking and money laundering activities," said Secretary of the Treasury Steven Mnuchin. "We will deny corrupt Venezuelan regime officials access to the US financial system."

As a result of the sanctions, any assets in which these persons have an interest in the United States or in the possession or control of U.S. persons would be blocked and reported to OFAC. All dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons are prohibited.