U.S. Accuses Mexican Banks of Laundering Cartel Drug Money

Washington, D.C. — The U.S. Department of Treasury has taken unprecedented action against Mexico’s financial system, accusing three institutions—CIBanco, Intercam, and Vector—of facilitating money laundering linked to fentanyl and synthetic opioid trafficking by drug cartels.

Key Allegations Against Mexican Financial Institutions

In a statement, Treasury Secretary Scott Bessent declared, “Financial facilitators like CIBanco, Intercam, and Vector are aiding the poisoning of countless Americans by moving money for cartels, making them critical players in the fentanyl supply chain.”

The Financial Crimes Enforcement Network (FinCEN) issued these measures under the Fentanyl Eradication and Narcotics Deterrence Act, marking the first direct U.S. government action targeting Mexican financial institutions for alleged money laundering ties to drug cartels.

Specific Accusations

• CIBanco: Accused of laundering money for the Beltrán Leyva, Jalisco New Generation (CJNG), and Gulf cartels, as well as facilitating payments for Chinese chemical precursors used in illicit drug production. Between 2021 and 2024, the bank allegedly processed over $2.1 million in payments from Mexican firms to Chinese suppliers. In 2023, bank staff reportedly helped a Gulf cartel member open an account to launder $10 million.
• Intercam: Allegedly processed U.S. dollar transfers funding Chinese precursor purchases for narcotraffickers. Treasury documents claim Intercam executives met directly with CJNG members in late 2022 to discuss money laundering schemes, including fund transfers from China. From 2021 to 2024, a Chinese firm tied to illicit chemical shipments received over $1.5 million from Mexican businesses via Intercam.
• Vector: Accused of aiding the Sinaloa and Gulf cartels through financial schemes and facilitating illicit precursor purchases from China. Between 2013 and 2021, a Sinaloa cartel money launderer allegedly moved $2 million through Vector. From 2018 to 2023, Vector reportedly processed over $1 million in payments to Chinese firms linked to precursor shipments.

Mexican Government and Bank Responses

Financial Institutions Deny Wrongdoing

• Vector: Issued a statement “categorically” rejecting the allegations, emphasizing its 50-year compliance record and willingness to cooperate with authorities. The firm asserted that flagged transactions involved legally established businesses and that Mexican regulators had only identified administrative issues, resulting in fines.
• CIBanco: Denied the accusations on social media, stating it operates under strict oversight from Mexican regulators, including the SHCP, Bank of Mexico, and CNBV. The bank claimed the U.S. Treasury provided no evidence to support its allegations.

Mexican Treasury’s Position

Mexico’s Finance Ministry (SHCP) confirmed the U.S. had notified it of the allegations but provided no concrete proof beyond “administrative irregularities,” which resulted in fines totaling 134 million pesos ($7.4 million).

“Had there been compelling evidence of illicit activity, we would have acted decisively. To date, no such information has been presented,” the SHCP stated. The ministry noted that transactions with Chinese firms were routine, given the $139 billion annual trade between Mexico and China.

Broader Implications

The accusations risk damaging confidence in Mexico’s financial system. José Luis Stein-Velasco González-Casanova, HSBC’s regional head of financial crimes for Mexico and Latin America, warned last year that such designations could create a “highly complex situation” for the sector.

The U.S. Treasury’s move underscores escalating scrutiny of cross-border financial flows tied to the fentanyl crisis, which has claimed tens of thousands of American lives annually.