The Mexican government has intervened in two major banks, CIBanco and Intercam, due to allegations by the United States of money laundering for drug cartels. This “temporary managerial intervention” was executed by the National Banking and Securities Commission (CNBV) to manage the banks’ operations.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) had issued orders that restricted certain transactions between U.S. banks and these Mexican banks. According to FinCEN, these banks were reportedly involved in laundering millions on behalf of Mexico-based cartels and facilitating payments for chemicals used in producing fentanyl.
The intervention resulted from a collaborative effort by the CNBV, the Finance Ministry, Bank of Mexico, and the Institute for the Protection of Bank Savings. Their goal is to ensure the protection of the savers’ and clients’ rights by replacing the banks’ administrative bodies and legal representatives.
Findings and Response
While Mexican authorities conducted their own investigations, they reported uncovering only “administrative problems” with no direct evidence of money laundering. Mexico has urged the U.S. Treasury Department to provide proof of the banks’ involvement in illicit activities, yet no evidence has been presented.
The Mexican Banking Association has reassured the public that these interventions do not pose a systemic risk to the nation’s financial system, which they affirm remains strong and well-capitalized. The intervention aims to create certainty while permitting the banks to function normally.
Although a third entity, Vector, was also sanctioned by the U.S., it wasn’t included in the CNBV’s intervention actions.
- The duration of this intervention has not been specified.
- Mexican financial authorities remain confident in the robustness and resilience of their financial system.
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