The United States on Wednesday imposed sweeping sanctions on three Mexican financial institutions, accusing them of laundering money for powerful drug cartels linked to the deadly fentanyl trade.
In a statement, the U.S. Department of the Treasury identified CIBanco, Intercam Banco, and Vector Casa de Bolsa as institutions that allegedly helped transfer millions of dollars for cartels and facilitated payments for chemicals used in the production of fentanyl.
“These institutions have played a longstanding and vital role in laundering cartel proceeds,” the Treasury said, linking them to major criminal organisations, including the Sinaloa Cartel, Jalisco New Generation Cartel (CJNG), Beltran-Leyva Cartel, and the Gulf Cartel.
The sanctions were imposed under the newly enacted Fentanyl Sanctions Act and FEND Off Fentanyl Act, which expand U.S. powers to target the financial infrastructure behind opioid trafficking. Under the measures, all transactions between the named Mexican institutions and U.S. banks are now blocked, though the full extent of enforcement remains to be seen.
U.S. Treasury Secretary Scott Bessent condemned the alleged role of the banks, stating: “They have enabled the poisoning of countless Americans by moving cartel money. These institutions are vital cogs in the fentanyl supply chain.”
In response, the Mexican government challenged the U.S. action. The Secretariat of Finance and Public Credit said it had not been presented with convincing evidence. “If there is conclusive proof of wrongdoing, we will act. But as of now, we have none,” it said in a statement.
While CIBanco and Intercam Banco have not yet commented publicly, Vector Casa de Bolsa rejected the allegations, calling them “false” and affirming its operational integrity. “Vector categorically rejects any accusation that compromises its operations,” the firm stated, pledging to cooperate with any formal investigation.
The sanctions mark the latest move in Washington’s intensified campaign against drug trafficking and organised crime networks in Latin America, as the U.S. government seeks to disrupt the fentanyl supply chain and pressure Mexico to bolster enforcement efforts.
