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US blocks money transfers by 3 Mexico-based financial institutions accused of aiding cartels
- On Wednesday, the U.S. Treasury Department imposed sanctions on three financial firms based in Mexico—CIBanco, a second banking institution, and a brokerage firm—to disrupt their alleged role in laundering money that supports fentanyl smuggling into the United States.
- These sanctions stem from allegations that the firms facilitated millions in cartel money laundering and transactions for fentanyl precursor chemicals linked to Chinese suppliers from 2013 to 2024.
- The financial institutions denied wrongdoing, calling the accusations unsupported, while Mexican President Claudia Sheinbaum rejected U.S. claims as unproven and emphasized Mexico’s sovereign dignity and routine trade ties with China.
- Treasury Secretary Scott Bessent characterized the banks as key facilitators in the fentanyl trafficking network and emphasized the use of all available measures to combat criminal groups, noting that the sanctions will be implemented three weeks from now.
- The sanctions mark the first application of the Fentanyl Sanctions Act and signal heightened U.S.-Mexico tensions, while analysts warn these moves may significantly impact the Mexican financial sector but cause minimal disruption domestically.
229 Articles
229 Articles
Hastings Tribune
Mexico disputes US money-laundering charges against banks allegedly linked to fentanyl trafficking
MEXICO CITY — President Donald Trump’s vow to “wage war” on drug cartels has resulted in bombshell accusations of money laundering against three Mexican financial institutions — allegations that produced a defiant pushback from Mexican President Claudia Sheinbaum.
Mexico Is Defending Cartel-Linked Banks Against U.S. Sanctions.
PULSE POINTSWHAT HAPPENED: Mexico’s government is defending three financial institutions accused by the U.S. Treasury Department of laundering cartel money and facilitating payments for fentanyl precursors to China.WHO WAS INVOLVED: Mexico’s Secretariat of Treasury and Public Credit (SHCP), the U.S. Department of the Treasury, CIBanco SA, Intercam SA, and Vector Casa De Bolsa.WHEN & WHERE: Mexico’s SHCP issued a statement this week.KEY QUOTE: “F…
Mexico disputes U.S. money-laundering charges against banks allegedly linked to fentanyl trafficking
After U.S. Treasury officials accused three Mexican financial institutions of aiding drug cartels, Mexican President Claudia Sheinbaum said there was "no proof" to the allegations.
Mexican Regulator Intervenes in Banks to Safeguard Financial Stability Amid Unjust US Sanctions - teleSUR English
Mexico’s National Banking and Securities Commission (CNBV) intervenes in CIBanco and Intercam after US Treasury sanctions link them to fentanyl trafficking. President Claudia Sheinbaum denounces the accusations as baseless. Related: Mexican President Rejects U.S. Attorney General’s Claims on Fentanyl Trafficking In a bold assertion of national sovereignty, Mexico’s banking regulator (CNBV) announced on June 26 it would take temporary control of …
The Treasury Department punishes three Mexican institutions related to money-laundering networks.
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