Mayor Daley announced an initiative today to fight drug traffickers where it hurts most: the wallet.

"This is all about money," Daley in front of an audience of law enforcement professionals gathered at UIC.

The program will consist of three new multi-agency action team" designed to target drug kingpins.

Each team will be a joint effort between the Chicago Police Department and other agencies to focus on a specific way to target drug dealers. Monthly meetings will allow members to focus their efforts and achieve greater success, Daley said.

The Prosecution Impact Team will allow the police to work with the State's Attorney's Office and various federal agencies to find new ways to prosecute the most notorious drug traffickers already in the system.

The Suburban Main Target Team will establish closer ties between Chicago and outlying police departments. Daley imagined a system in which the Police Departments from Gary Indiana to Madison Wisconsin would be interconnected to battle drug dealers.

But Daley seemed most enthusiastic about the Asset Forfeiture Team, in which Chicago Police will work with the IRS to follow the money trail to its source.

Daley said that he had spoken with the past four presidents, from Reagan to the current President Bush "all on one issue - money laundering."

"Why can't we deal with money laundering? That is something we all have to look at," Daley said.

Daley also condemned the proliferation of guns on American streets. The gun industry, he said, is "the only industry in America that is protected by federal law."

"That is not a good reflection of what America stands for," he said.