The Mexican Finance Ministry asserts that it has not received any evidence to substantiate claims made against CIBanco, Intercam, and Vector banks.
The United States has sanctioned three Mexican banks, claiming they were used for money laundering by drug cartels.
On Wednesday, the US Department of the Treasury linked CIBanco, Intercam Banco, and Vector Casa de Bolsa to the cross-border trafficking of the synthetic drug fentanyl.
They are accused of laundering millions of dollars for Mexico-based cartels and facilitating payments for the procurement of precursor chemicals used in producing fentanyl.
The sanctions are part of a broader campaign by the Trump administration against Latin American gangs, criminal networks, and drug traffickers.
This campaign includes designating several groups as foreign terrorist organizations and using tariffs to pressure Mexico’s government to enhance enforcement against irregular traffic across the border.
According to the Treasury Department, the banks are the first to be targeted under the Fentanyl Sanctions Act and FEND Off Fentanyl Act, aimed at expanding the ability to target money laundering related to opioid trafficking.
The sanctions would block transfers between the targeted Mexican banks and US banks, but the extent of these limits is unclear.
Secretary of the Treasury Scott Bessent accused the banks of “enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain.”
In response, Mexico’s Secretariat of Finance and Public Credit stated that it had not received conclusive evidence justifying the sanctions.
The Finance Ministry emphasized that they will take action if conclusive information is provided but currently have no information in this regard.
CIBanco did not immediately respond to the allegations, which accuse it of connections to several drug cartels.
Intercam, also accused of ties to the CJNG cartel, did not respond to the claims.
Vector, linked to money laundering by the Sinaloa Cartel and Gulf Cartel, denied the US claims tying its operations to drug traffickers and pledged to cooperate in clarifying the situation.
On Wednesday, the US Department of the Treasury linked CIBanco, Intercam Banco, and Vector Casa de Bolsa to the cross-border trafficking of the synthetic drug fentanyl.
They are accused of laundering millions of dollars for Mexico-based cartels and facilitating payments for the procurement of precursor chemicals used in producing fentanyl.
The sanctions are part of a broader campaign by the Trump administration against Latin American gangs, criminal networks, and drug traffickers.
This campaign includes designating several groups as foreign terrorist organizations and using tariffs to pressure Mexico’s government to enhance enforcement against irregular traffic across the border.
According to the Treasury Department, the banks are the first to be targeted under the Fentanyl Sanctions Act and FEND Off Fentanyl Act, aimed at expanding the ability to target money laundering related to opioid trafficking.
The sanctions would block transfers between the targeted Mexican banks and US banks, but the extent of these limits is unclear.
Secretary of the Treasury Scott Bessent accused the banks of “enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain.”
In response, Mexico’s Secretariat of Finance and Public Credit stated that it had not received conclusive evidence justifying the sanctions.
The Finance Ministry emphasized that they will take action if conclusive information is provided but currently have no information in this regard.
CIBanco did not immediately respond to the allegations, which accuse it of connections to several drug cartels.
Intercam, also accused of ties to the CJNG cartel, did not respond to the claims.
Vector, linked to money laundering by the Sinaloa Cartel and Gulf Cartel, denied the US claims tying its operations to drug traffickers and pledged to cooperate in clarifying the situation.
