US Imposed Sanctions Against Three Mexican Financial Companies Over Fentanyl Trade With China

The US Treasury Department has imposed sanctions on three Mexican financial institutions for their involvement in financing fentanyl trafficking from China. This is reported by UNN with reference to Financial Times.

DetailsMexican companies CIBanco, Intercam Banco and Vector Casa de Bolsa have been designated as “primary money laundering concerns”.

The actions we took today will effectively cut off three Mexican financial institutions from doing business with US financial institutions.

According to the Treasury Department, these institutions played a “longstanding and vital role” in laundering money for Mexican cartels and financing the purchase of precursors for fentanyl production.

Vector Casa de Bolsa has strongly denied the allegations, stating that all of its operations were legal.

AdditionallyAccording to the Financial Times, CIBanco and Intercam Banco are suspected of collaborating with the Jalisco New Generation cartel, while Vector Casa de Bolsa, founded by Alfonso Romo, a former advisor to the ex-president of Mexico, is accused of laundering $2 million for the Sinaloa cartel.

“This is a major blow to confidence in the Mexican financial system,” said Alvaro Vertis, head of Latin America at DGA Group.

ReferenceFEND Off Fentanyl is a law passed in 2023 that gives the US Treasury Department additional powers to combat opioid trafficking.

Fentanyl is a synthetic opioid that has caused more than 70% of overdose deaths in the United States.

RecallAs UNN reported, Trump’s latest decree increased duties to 125%, but there is already a 20% duty on fentanyl.