Mexican President Claudia Sheinbaum on Thursday forcefully rejected the Trump administration’s decision to impose sanctions on three Mexican financial institutions over alleged money laundering tied to drug cartels.
“We’re no one’s piñata,” Sheinbaum declared during her morning press conference. “We won’t shield anyone, but they must prove there was actual money laundering—not just say it, but back it up with solid evidence.”
Her remarks come amid mounting pressure on international financial networks accused of fueling the U.S. fentanyl crisis. While Chinese firms are widely recognized as the primary suppliers of precursor chemicals, Mexico has emerged as a critical transit and manufacturing hub for the deadly opioid, with powerful cartels operating largely unchallenged.
U.S. officials contend that Mexican banks and brokerage houses are being used—whether knowingly or not—by criminal networks and Chinese companies seeking to avoid American scrutiny. Treasury Secretary Scott Bessent posted on X: “Cartels have exploited Mexico-based financial institutions to move money, enabling the vicious fentanyl supply chain.”
Sheinbaum, who recently became Mexico’s first female president, defended her country’s financial ties with China, describing them as part of legitimate trade rather than illicit schemes.
“The investigation itself showed that these institutions had close relationships with Chinese clients and banks,” she said. “That’s not proof of wrongdoing. That’s commerce.”
One day after the Treasury Department announced sanctions against CIBanco, Intercam Banco, and brokerage firm Vector Casa de Bolsa, Mexico’s banking regulator intervened, temporarily assuming control of CIBanco and Intercam to protect depositors and preserve financial stability.
The sanctions will block the institutions’ access to dollar transactions and U.S. financial networks—an action that could reverberate through Mexico’s economy, which is deeply integrated with the United States. Still, Mexican officials and the national banking association have insisted the country’s financial system remains stable and there is no threat of broader contagion.
Sheinbaum characterized the measures as politically driven and lacking in evidence. “We will not cover for anyone,” she repeated. “But if there are accusations, they must be proven with facts, not rhetoric.”
Treasury: Sanctioned Banks Moved Cartel Cash
The Treasury Department described the three firms as major financial conduits for cartels operating across North America. The action—its first under the new FEND Off Fentanyl Act—expands U.S. powers to target opioid-related money laundering networks.
“Financial facilitators like CIBanco, Intercam, and Vector are enabling the poisoning of countless Americans by moving money for the cartels,” Bessent said in a statement. “They are critical cogs in the fentanyl supply chain.”
According to Treasury investigators, the banks moved tens of millions of dollars connected to purchases of fentanyl precursors from China and laundered cartel proceeds through accounts that evaded anti-money laundering controls.
FinCEN, the Financial Crimes Enforcement Network, cited evidence that accounts linked to the Gulf Cartel, the Sinaloa Cartel, and the Jalisco New Generation Cartel were opened—sometimes with the involvement of bank employees.
Between 2021 and 2024, CIBanco allegedly processed over $2.1 million in transfers from Mexican shell companies to Chinese chemical suppliers. Vector reportedly facilitated more than $1 million in payments related to chemical shipments and laundered another $2 million through cross-border transfers on behalf of cartel operatives.
“These transactions reveal major deficiencies in Vector’s anti-money laundering and counter-terrorist financing controls,” FinCEN wrote in its order.
The sanctions, which also cover virtual currency transactions, will take effect 21 days after they are published in the Federal Register.
On X, Bessent reiterated: “Cartels have exploited Mexico-based financial institutions to move money, enabling the vicious fentanyl supply chain that has poisoned countless Americans.”
CIBanco executive Manuel Somoza told Mexican media: “Rumors do damage, whether true or not. What we want is for U.S. authorities to come here and investigate directly.”
All three institutions have denied any wrongdoing. CIBanco, which holds around $7 billion in assets, said it will cooperate fully with regulators and emphasized that client deposits remain protected under Mexican law. Vector, managing nearly $11 billion, stated it is “fully prepared to provide the information needed to clarify these allegations.” Intercam, with $4 billion in assets, has not yet issued a public comment.
Comments
Post a Comment