U.S. Sanctions Mexican Banks Over Alleged Role in Laundering Cartel Funds, Buying Fentanyl Chemicals

The U.S. Treasury Department has sanctioned three Mexican financial institutions, alleging they were used by drug cartels to launder millions of dollars.

CIBanco, Intercam Banco and the brokerage Vector Casa de Bolsa were named by U.S. authorities for their alleged roles in laundering money for Mexican criminal organizations and facilitating payments for precursor chemicals used to produce fentanyl.

"Financial facilitators like CIBanco, Intercam and Vector are enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain," Treasury Secretary Scott Bessent said in a statement.

The actions by the Treasury Department's Financial Crimes Enforcement Network (FinCEN) mark the first use of authorities granted under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which gives the Treasury expanded powers to target money laundering tied to the trafficking of fentanyl and other synthetic opioids, including operations run by drug cartels.

"Through the first use of this powerful authority, today's actions affirm Treasury's commitment to using all tools at our disposal to counter the threat posed by criminal and terrorist organizations trafficking fentanyl and other narcotics," Bessent said.

According to the Treasury's statement, CIBanco and Intercam facilitated transfers to two unnamed U.S. financial institutions, while Vector facilitated a transfer to another unidentified U.S. bank.

The Treasury said CIBanco helped launder money for multiple Mexican cartels, including the Cártel Jalisco Nueva Generación (CJNG), Beltrán Leyva Organization and Gulf cartels. Officials said the bank "facilitated procurement" of fentanyl precursor chemicals shipped from China by processing more than $2.1 million in payments.

Vector was accused of laundering money for the Sinaloa and Gulf cartels, including facilitating $1 million in payments for fentanyl-related chemicals. The Treasury also claimed the Sinaloa Cartel used Vector to send bribes totaling more than $40 million to former Mexican Security Secretary Genaro García Luna, who was sentenced last year to over 38 years in prison for his role in a cartel-linked corruption scheme.

Intercam, the third institution named, was accused of facilitating $1.5 million in payments for fentanyl precursor chemicals, similar to the other two banks.

Mexican president pushes back

Less than 24 hours after the sanctions were announced, Mexican President Claudia Sheinbaum said the United States has yet to provide evidence supporting the allegations despite repeated requests from her administration.

Speaking at a press conference Thursday, Sheinbaum said Mexican authorities were informed of the accusations in advance and that financial regulators launched their own investigation.

According to Sheinbaum, officials found only "administrative infractions" and no evidence of criminal wrongdoing. She also said the review showed the sanctioned Mexican institutions had strong business relationships with Chinese clients and banks, but nothing suggesting illicit activity.

"The Treasury Department hasn't provided a single piece of evidence to show that any money laundering was taking place," she said. "We're not going to cover for anyone—there is no impunity here. But they need to demonstrate that money laundering actually occurred, not just with words, but with solid evidence."

Sheinbaum reiterated that no documentation had been shared to support the U.S. claims and pointed to past incidents in which Mexican officials were accused without sufficient proof.

"We have a history in the Mexico–United States relationship of cases where, for example, in the case of General Cienfuegos, he was arrested without any evidence—so much so that he was released because there was none," she said. "We will act if there is evidence."