Mexico City, Mexico — Mexico’s Ministry of Finance and Public Credit says they have asked the U.S. Treasury Department for evidence following allegations of money laundering.
On Wednesday, the U.S. Treasury Department accused two Mexican banks and one brokerage firm of money laundering for drug cartels. According to the U.S. Treasury Department, CIBanco, Intercam and Vector have collaborated with the CJNG, the Sinaloa Cartel, Gulf Cartel and Chinese companies that ship chemical precursors.
The U.S. Treasury Department, headed by Scott Bessent, says these three financial instructions collaborated with drug cartels in Mexico and have been identified as “of primary concern for money laundering related to illicit opioid trafficking”
According to the order, the U.S. Financial Crimes Enforcement Network determined that CIBanco represents a primary money laundering concern related to illicit opioid trafficking.
“Furthermore, CIBanco has facilitated the acquisition of chemical precursors from China for illicit purposes,” the U.S. Treasury Department indictment states.
The reason is that it detected a “long-standing pattern of associations, transactions, and provision of financial services that have facilitated opioid trafficking by cartels based in Mexico.”
Banco Intercam has been accused of money laundering for its “history of associations, transactions, and financial services that have facilitated opioid trafficking operations by Mexican cartels, including the CJNG ” according to the June 25 document.
The U.S. has also accused Vector of facilitating the acquisition of chemical precursors from China for illicit purposes. Mexico’s Ministry of Finance says the U.S. has not provided any evidence and has since released a statement.
“The U.S. Treasury Department imposed administrative and civil sanctions on two Mexican banks and a brokerage firm for alleged money laundering and ties to organized crime.
“In this regard, the Ministry of Finance and Public Credit (SHCP) reports the following: The Ministry of Finance maintains a relationship of coordination and dialogue with the Department of the Treasury within the framework of respect for sovereignty, shared responsibility, and cooperation without subordination.
“Within this framework, the Treasury Department notified the Financial Intelligence Unit (FIU), through the Directorate General of Regulatory and International Affairs, and the Treasury Department of alleged irregularities at these institutions.
“In response, the Treasury Department was asked for evidence of these institutions’ links to illicit activities that could be corroborated by the UIF or the National Banking and Securities Commission; however, no substantiating information was received.
“The only information provided by the Treasury Department that Mexico can verify contains data on some wire transfers made through the aforementioned financial institutions to legally incorporated Chinese companies.
“However, thousands of these transactions are made through Mexican financial institutions. The UIF found transactions made to these Chinese companies by more than 300 Mexican companies through ten Mexican financial institutions. This is because Mexico has thousands of regular transactions with legally incorporated Chinese companies, with annual trade totaling $139 billion.
“Even so, the National Banking and Securities Commission initiated a review process for these institutions within the framework of national regulations. The results of these investigations revealed administrative problems that have been sanctioned, in accordance with current regulations, with fines and other actions totaling 134 million pesos.
“We want to be clear: if we have conclusive information proving illicit activities by these three financial institutions, we will act to the fullest extent of the law. However, to date, we have no such information.
“The instructions received from the President of the United Mexican States are to be transparent, not cover up for anyone or anything, and to act in accordance with the rule of law, whenever there is compelling evidence of any administrative anomaly or alleged crime.
“The SHCP reiterates its commitment to transparency and strict monitoring of the regulation of the National Financial System and the fight against any illicit activity, such as money laundering.”
