Mexico’s President Claudia Sheinbaum has demanded proof from the U.S. Treasury Department after it accused three Mexican financial institutions of laundering money for drug cartels involved in the fentanyl trade. The Treasury Department announced sanctions against CiBanco, Intercam Banco, and Vector Casa de Bolsa on Wednesday. “We are not going to cover for anyone.
There is no impunity,” Sheinbaum said during her daily news conference. “But it has to be demonstrated that, effectively, there was money laundering. Not with statements, but with hard evidence.”
Sheinbaum expressed frustration at the U.S. sanctions, stating that the Treasury Department has not yet provided any evidence of criminal activity.
She publicly requested that the department “send proof, if they have it, so we can accompany them in the process.”
The Treasury’s Financial Crimes Enforcement Network (FinCen) accused the three institutions of being “vital cogs in the fentanyl supply chain” by moving money on behalf of cartels. The announcement represents another escalation in the U.S.’s efforts to combat organized crime in Latin America. Earlier this year, the Trump administration imposed 25% tariffs on many Mexican imports to pressure the country to halt fentanyl trafficking.
The administration also began revoking visas for some Mexican political figures. Sheinbaum indicated that Mexican financial investigation agencies had received information from the U.S. Treasury but found the evidence insufficient and launched their own investigation.
Cartels demand evidence
“Mexico is a great country and the relationship with the United States is one of equals,” she said. “We are no one’s piñata.”
The Treasury Department included specific allegations against the institutions. It claimed a CiBanco employee created an account in 2023 to launder $10 million for a Gulf cartel leader.
Intercam executives allegedly met with members of the New Generation Jalisco cartel to discuss money-laundering schemes. A Sinaloa cartel money mule allegedly laundered $2 million through Vector from 2013 to 2021. CiBanco released a statement denying involvement with illegal activities and emphasizing its compliance with legal guidelines.
It also expressed willingness to collaborate with authorities. Fentanyl, a synthetic opioid, leads to tens of thousands of overdose deaths in the U.S. each year. It is primarily manufactured in Mexico by criminal groups using precursor chemicals from China.
The drug is usually pressed into pills and trafficked into the U.S.
The move could raise tensions between the United States and Mexico. Sheinbaum has sought to appease President Trump by ramping up cooperation in the fight against fentanyl trafficking. However, she firmly responded to the recent accusations, declaring that Mexico must be respected.