MEXICO CITY – Mexican President Claudia Sheinbaum delivered a sharp rebuke to the U.S. government’s recent sanctions on three Mexican financial institutions, criticizing the lack of evidence presented by Washington for its allegations of money laundering.
Immediate Impact
The U.S. Treasury Department announced sanctions on Wednesday against CIBanco, Intercam Banco, and the brokerage Vector Casa de Bolsa. The sanctions allege these institutions facilitated millions of dollars in money transfers for Mexican drug cartels. President Sheinbaum responded during her morning briefing, stating that the Trump administration had failed to provide evidence to substantiate these claims.
“The Treasury Department hasn’t provided a single piece of evidence to show that any money laundering was taking place,” President Sheinbaum asserted. “We aren’t going to cover for anyone, there isn’t impunity here.”
Key Details Emerge
The accused banks have denied the allegations, emphasizing the absence of concrete evidence. Vector Casa de Bolsa released a statement rejecting any claims that compromise its institutional integrity. Similarly, Intercam Banco denied involvement in any illegal practices.
Manuel Somoza, president of strategies at CIBanco, expressed surprise at the sanctions, noting that the bank was only informed at the same time as the public announcement. He called for U.S. authorities to conduct a thorough investigation.
“Our books are open,” Somoza stated. “Rumors are clearly damaging, whether they’re true or not. So, what we want is for (American authorities) to come and investigate.”
Industry Response
The Treasury Department’s order is set to take effect in 21 days. Officials have cited legal grounds for action without public evidence if there are reasonable suspicions of money laundering linked to trafficking. However, Mexican financial regulators, after their investigations, found only administrative infractions, far from the severe accusations made by U.S. officials.
By the Numbers
- Three Mexican financial institutions sanctioned
- Sanctions to take effect in 21 days
- Alleged facilitation of millions of dollars in transfers
Background Context
The sanctions allege that the Mexican institutions facilitated transactions with Chinese companies to purchase chemicals for fentanyl production. The U.S. has been increasingly vigilant about blocking Chinese influence in Latin America. Meanwhile, President Sheinbaum highlighted Mexico’s strong trade ties with China, suggesting these relationships were misinterpreted.
China is a primary source of chemical precursors for fentanyl, a fact U.S. authorities have noted. However, Sheinbaum emphasized that this relationship is rooted in legitimate trade, not illicit activities.
What Comes Next
President Sheinbaum expressed frustration with the U.S. approach, underscoring Mexico’s sovereignty and demanding respect from its northern neighbor.
“We’re no one’s piñata,” she declared. “Mexico must be respected.”
The unfolding situation places further strain on U.S.-Mexico relations, with potential implications for bilateral cooperation on financial oversight and drug trafficking prevention. The Mexican government continues to seek clarity and evidence from U.S. authorities, while the sanctioned banks prepare for potential legal challenges.
The story is developing, and further updates are anticipated as both governments navigate this diplomatic and financial impasse.
