Sheinbaum denies U.S. claim that Mexican banks are laundering money for drug cartels

Mexican President Claudia Sheinbaum criticized recent sanctions against local banks over alleged money laundering connected to fentanyl trafficking.

Mexican President Claudia Sheinbaum

“We neither deny nor accept this,” Sheinbaum said during a passage of her daily press conference, adding that there is “simply no proof” of the accusations lobbied by the U.S. Treasury Department.

“We are not going to cover for anyone, there is no impunity. But it must be demonstrated that there was indeed money laundering, not with words but with convincing evidence,” the president added.

Sheinbaum then claimed Mexico has different ways to combat money laundering and would collaborate with U.S. authorities if presented conclusive proof. And added that the countries have a relationship of equals: “We are no one’s piñata.”

The Treasury Department alleged that CIBanco, Intercam Banco and the brokerage Vector Casa de Bolsa aided criminal organizations by 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 when announcing the decision.

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.
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Credit: Los Angeles Times