US sanctions Mexican banks, alleging connections to cartel money laundering

ALJAZEERA.COM

money laundering

SUMMARY

The U.S. has sanctioned three Mexican banks—CIBanco, Intercam Banco, and Vector Casa de Bolsa—alleging they laundered money for drug cartels involved in fentanyl trafficking. The U.S. Treasury linked the banks to the laundering of "millions of dollars" for cartels and procurement of fentanyl precursor chemicals.

These sanctions are part of a broader effort by the Trump administration against Latin American drug networks. The banks are the first targets under new fentanyl-related legislation. Although U.S. Treasury Secretary Scott Bessent accused them of facilitating cartel activities, Mexico’s Finance Ministry stated it has not seen conclusive evidence.