The Trump administration on Wednesday, for the first time, used a new authority to require U.S. financial institutions to cut ties with three Mexico-based banks for laundering money on behalf of cartels.
The Treasury Department identified cartels that have “exploited Mexico-based financial institutions to move money,” which Treasury Secretary Scott Bessent said enables the “vicious fentanyl supply chain that has poisoned countless Americans.”
“Through the first use of a new powerful authority granted by Congress, Treasury will effectively require U.S. financial institutions to sever ties with 3 Mexico-based financial institutions for laundering money on behalf of cartels,” Treasury Secretary Scott Bessent said Wednesday.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying three Mexico-based banks—CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector)—as being of “primary money laundering concern in connection with illicit opioid trafficking.
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Author: Faith Novak
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