The United States has escalated its confrontation with Mexico concerning money laundering activities associated with drug trafficking, specifically targeting two banks, CIBanco and Intercam, along with the brokerage firm Vector.
These financial institutions are accused of being entangled in money laundering operations that have persisted for years, facilitating payments in Asia for the acquisition of chemical precursors essential for manufacturing fentanyl, a potent opioid that has been a major focus of efforts from both current and past U.S. administrations.
In the latest move, the U.S. Department of the Treasury imposed sanctions and formally communicated to Mexican authorities, urging thorough investigations into these allegations.
While the language used was diplomatic, emphasizing cooperation between the neighboring countries, the underlying message conveyed a strong determination from the United States to pursue justice against those involved in trafficking fentanyl, a drug responsible for tens of thousands of deaths annually.
U.S. officials have made it clear that they will not ease their pressure until they adequately confront all entities that contribute to the fentanyl crisis across its borders.
Mexico’s Finance Ministry has acknowledged receipt of the U.S. alert regarding alleged irregularities tied to the banks and brokerage firm.
An internal review has commenced, and preliminary findings reportedly revealed some administrative issues that have already prompted sanctions.
However, the ministry is awaiting actual evidence of criminality before moving forward with further legal actions.
Current reports indicate that authorities have only identified a limited number of electronic transactions from the institutions in question to specific legally registered Chinese firms, describing these dealings as comparable to thousands of similar transactions executed daily by other Mexican banks.
Nonetheless, experts stress the importance of the message sent to all financial institutions in the region.
Cecilia Farfán-Méndez, head of the North America Observatory at the Global Initiative Against Transnational Organized Crime, pointed out that while the Treasury’s actions may not be unprecedented, the context surrounding this initiative is crucial to understanding its implications.
Farfán-Méndez emphasized that the ongoing battle against fentanyl remains a primary concern for U.S. authorities, indicating that they will tackle the issue from every possible angle.
She pointed out, however, that there appears to be a paradox in this fight, as the Trump administration had previously weakened anti-money laundering regulations, reducing the information required from financial institutions, thereby potentially facilitating illicit practices.
Despite this, Guillermo Valdés, a former director of the National Center for Investigation and National Security (CISEN), granted the accused institutions the benefit of the doubt, suggesting that many companies may unwittingly engage with drug trafficking finances.
During his tenure at CISEN, Valdés encountered Mexican businesses — including those exporting vegetables and legumes — that were oblivious to the fact that their transactions were being used to launder money.
He recounted a case involving a U.S. company that purchased bicycles in cash from mainstream retailers like Walmart, exporting the bicycles to Mexico without the importers knowing about any criminal activities.
Valdés remarked that while such cases can occur, they do not inherently denote intentional misconduct by the implicated companies.
Nevertheless, he acknowledged that the Treasury’s accusations deliver a powerful political message.
Even if damage to the implicated companies has already occurred, Valdés argued that the pressure would compel Mexico and its financial entities to implement stricter controls and intelligence mechanisms to detect and curb money laundering activities.
A pivotal aspect remains whether the Mexican government, in light of the provided evidence, will conduct a thorough investigation to unearth additional grounds for prosecution.
Farfán-Méndez pointed out that historically, Treasury actions tend to be preventive, and some entities may later be cleared from such lists should further investigations exonerate them.
Additionally, she noted that the U.S. Treasury Department explicitly highlighted that all actions were taken within the framework of a cooperative relationship with Mexico, a sentiment echoed by officials from the Mexican Finance Ministry.
This situation bears resemblance to past instances involving BSCH in Mexico, as well as in the United States, but the current atmosphere around cracking down on money laundering, especially linked to fentanyl trafficking, is markedly intense.
Recently, the U.S. Treasury took significant actions by freezing assets belonging to “El Mencho,” the leader of the Jalisco New Generation Cartel, along with three other prominent figures from the criminal organization.
The Treasury made it abundantly clear that any entity or business controlled, directly or indirectly, by these individuals would undergo rigorous scrutiny and face potential sanctions.
On June 14, authorities announced a notable crackdown in Mazatlán against a couple engaged in construction and luxury goods industries.
This couple is accused of running a network of companies that laundered money for the sons of Joaquín “El Chapo” Guzmán, who is currently serving a prison sentence in the United States.
Known as Los Chapitos, these individuals face accusations of trafficking fentanyl.
The Treasury’s actions in this case also targeted the Sinaloa Cartel, alleging that Raúl Núñez’s businesses were financing operations led by Víctor Manuel Barraza Pablos, the plaza boss for Los Chapitos in Mazatlán, along with other connections to organized crime.
The effort to undermine organized crime through financial sanctions has long been an area of focus in U.S.-Mexico relations.
During Biden’s administration, ongoing exchanges were established to address these issues, and former Treasury Secretary Janet Yellen even visited Mexico to stress the importance of abolishing the drug cartels’ economic power.
As fentanyl continues to dominate the conversation in bilateral relations, President Donald Trump’s administration is pushing for more vigorous actions against significant Mexican drug traffickers.
This recent communication from the Treasury underscores an unwavering commitment to leave no stone unturned in the fight against the fentanyl epidemic.
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