The Department of the Treasury, through the United States Financial Crimes Enforcement Network (FinCEN), issued its first orders against fentanyl trafficking networks.

In this context, the United States announced this Wednesday sanctions against three Mexican financial institutions: CIBanco, Intercam, and Vector Casa de Bolsa are allegedly being prosecuted for laundering millions of dollars linked to organized crime, primarily fentanyl traffickers. According to the Treasury, they are linked to laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the acquisition of precursor chemicals needed to produce fentanyl. “Financial institutions 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 the memo. The Department said that CIBanco “is a primary concern for illicit opioid trafficking.” He also indicated that he has ties to the Mexican Beltrán-Leyva cartel, the Jalisco New Generation cartel, and the Gulf Cartel.

Thus, he accuses him of having facilitated the acquisition of chemical precursors from China.

“Between 2021 and 2024, CIBanco processed more than $2.1 million in payments on behalf of companies based in Mexico to companies based in China that sent chemical precursors to Mexico for illicit purposes,” he added in this regard.

The same goes for Intercam, which he linked to the Jalisco New Generation Cartel and also to Chinese chemicals.

Vector, for its part, is also linked to Chinese companies and to the Sinaloa and Gulf cartels.

“Between 2013 and 2021, a money mule for the Sinaloa Cartel used various methods to launder $2 million from the United States to Mexico through Vector,” the Department explained.

Mexico requests evidence

In response, Mexico's Treasury Department stated that the United States has not sent it evidence demonstrating that two Mexican banks and a brokerage firm are allegedly involved in money laundering linked to the illicit trafficking of opiates, such as fentanyl.

“The Treasury Department was asked for evidence of the link between these institutions and illicit activities that could be corroborated by the UIF or the National Banking and Securities Commission; however, no supporting data was received in this regard,” the Treasury Department stated.

It added that the only information provided by the Treasury Department and that Mexico can verify contains data on some electronic transfers made through these financial institutions with legally constituted Chinese companies.

However, it clarified that these transactions are carried out by the thousands through national financial institutions.

“The UIF found transactions ”The three financial institutions are currently conducting transactions with these Chinese companies through more than 300 Mexican companies through ten national financial institutions. This is because Mexico has thousands of regular transactions with legally incorporated companies in China, with annual trade totaling $139 billion,” he said. He also explained that the National Banking and Securities Commission (CNBV) has initiated a review process for these institutions, which revealed administrative problems that have resulted in sanctions in accordance with current regulations, with fines and other actions. Finally, the Mexican authorities emphasized that if they have conclusive information proving illicit activities by the three financial institutions, they will act “to the full extent of the law,” but insisted that they still “do not have any information in this regard. “He clarified that these transactions are carried out ”by the thousands” through national financial institutions.

“The UIF found transactions made to these Chinese companies by more than 300 Mexican companies through ten national financial institutions. This is because Mexico has thousands of ordinary operations with legally constituted companies in China, since there is an annual trade of $139 billion dollars,” he specified.

He also detailed that the National Banking and Securities Commission (CNBV) began a review process for these institutions, which revealed administrative problems that have resulted in sanctions in accordance with current regulations, with fines and other actions.

Finally, the Mexican authorities emphasized that, if they have conclusive information proving illicit activities by the three financial institutions, they will act to the full extent of the law, but insisted that they still do not have any information in this regard.