Mexico City – The U.S. Treasury Department has announced a 45-day extension for the implementation of sanctions against Mexican financial entities Intercam, CIBanco, and Vector. The new deadline for these restrictions, which prohibit the institutions from conducting transactions within the U.S. financial system, is now September 4. This decision comes as a direct result of the Mexican government’s cooperative response to U.S. investigations into alleged money laundering activities linked to major drug cartels.
Originally set to expire at the end of July, the sanctions were imposed on June 25 after the U.S. Treasury accused Intercam, CIBanco, and the brokerage firm Vector of facilitating money laundering and procuring materials from China for fentanyl production.
The postponement reflects the U.S. Treasury’s acknowledgment of the significant steps taken by the administration of Mexican President Claudia Sheinbaum. The Mexican government, through its regulatory body, the National Banking and Securities Commission, has intervened in the operations of these institutions. Notably, the trust businesses of Intercam and CIBanco have been transferred to Nacional Financiera, the government development bank.
“This extension reflects that the Mexican government has taken additional steps to address the concerns raised in the FinCEN orders, including temporarily assuming management of the affected institutions to promote regulatory compliance and prevent illicit financing,” stated the United States Treasury.
Treasury officials emphasized the ongoing coordination between the U.S. and Mexican governments to safeguard financial institutions from exploitation by criminal organizations and their money laundering schemes. Andrea Gacki, director of the Financial Crimes Enforcement Network (FinCEN), reiterated the U.S. commitment.
“The Treasury Department will continue to take all necessary steps to protect the U.S. financial system from abuse by illicit actors and combat the financing of transnational criminal organizations and narcotics traffickers,” Gacki said in a written statement, noting months of collaborative effort between the two nations.
Mexican Secretary of Finance Edgar Amador explained that the intervention and transfer of trusts, which involve assets worth $22 billion, are intended to protect the savings of depositors and investors. The federal agency also highlighted that the extension was a direct outcome of constructive dialogue between Mexican and U.S. financial authorities.
“The government has assumed temporary management of the designated institutions, with the goal of strengthening oversight, ensuring regulatory compliance, and avoiding impacts on users of the financial system,” the Mexican government concluded in a statement.
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