US Hits Mexican Banks with Sanctions Over Fentanyl Trafficking Claims
The US Department of the Treasury has slapped sanctions on three Mexican financial institutions, accusing them of laundering millions of dollars for notorious drug cartels involved in the fentanyl trade. The move is part of a broader US crackdown on organized crime in Latin America.
The Treasury Department named CIBanco, Intercam Banco, and brokerage firm Vector Casa de Bolsa as institutions that have allegedly played a crucial role in helping cartels move funds and facilitate payments for chemicals used in fentanyl production. These banks are accused of working with powerful cartels, including the Sinaloa Cartel and the Jalisco New Generation Cartel (CJNG).
The sanctions, imposed under the newly enacted Fentanyl Sanctions Act and FEND Off Fentanyl Act, will block any transactions between the named Mexican banks and US financial institutions. Treasury Secretary Scott Bessent condemned the banks’ alleged role in the crisis, stating that they have “enabled the poisoning of countless Americans by moving cartel money.”
However, Mexico’s government has pushed back, saying it has not received concrete evidence to support the US claims. The Secretariat of Finance and Public Credit stated that if there is conclusive proof of wrongdoing, they will act, but for now, they have none.
Vector Casa de Bolsa has denied the allegations, calling them “false” and asserting the firm’s institutional integrity. The company has pledged to cooperate with any investigation. CIBanco and Intercam have not publicly responded to the accusations.
The US move is seen as a strong stance against the fentanyl supply chain and a pressure tactic to get Mexico to tighten enforcement against drug trafficking. The sanctions have significant implications for the Mexican banking sector and could lead to further tensions between the US and Mexico. #US Hits Mexican Banks with Sanctions Over Fentanyl Trafficking Claims#
