U.S. Sanctions Mexican Banks Over Cartel Money Laundering; Mexico Demands Proof

WASHINGTON/MEXICO CITY – The U.S. Treasury Department announced sanctions against three Mexican financial institutions, CIBanco, Intercam, and Vector Casa de Bolsa, on June 25, 2025. The sanctions allege that these entities facilitated money laundering for major drug cartels, including the Sinaloa, Jalisco New Generation (CJNG), and Gulf cartels, and aided in the acquisition of chemical precursors from China for illicit purposes. According to the U.S. Treasury, Vector Casa de Bolsa, owned by businessman Alfonso Romo, who served as Chief of Staff to former Mexican President Andrés Manuel López Obrador, allegedly laundered millions of dollars. The U.S. Financial Crimes Enforcement Network (FinCEN) detailed transactions, including $40 million linked to illicit activities and over $1 million in payments to Chinese companies for precursors through Mexican firms. FinCEN also noted CIBanco facilitated a $10 million money laundering account for a Gulf Cartel member in 2023 and processed $2.1 million to Chinese companies between 2021 and 2024. Intercam executives reportedly met with CJNG operators in late 2022 to discuss money laundering schemes, and the bank received over $1.5 million from Mexican companies for Chinese precursors between 2021 and 2024. In response, Mexican Treasury Secretary Edgar Amador Zamora, who previously worked at Vector, questioned the U.S. accusations, stating that the Mexican Financial Intelligence Unit (UIF) and the National Banking and Securities Commission (CNBV) had not received any probative data from the U.S. Treasury. He emphasized that Mexico conducts thousands of legitimate financial operations with Chinese companies, with annual trade totaling $139 billion, suggesting the transactions could be part of normal commerce. Mexican President Claudia Sheinbaum echoed Zamora's stance, stating, "If there is proof, we will act. There is no impunity, no matter who it is. But if there is no proof, then we cannot act." She urged the U.S. Treasury to provide concrete evidence to allow Mexican authorities to investigate and prosecute any illicit activities.