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| Caribbean-Latin America |
| Treasury requires US financial institutions cut ties with Mexico-based banks tied to cartel money laundering |
| 2025-06-26 |
| [FoxNews] The new authority was granted by Congress pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act The Trump administration on Wednesday, for the first time, used a new authority to require U.S. financial institutions to cut ties with three Mexico-based banks for laundering money on behalf of cartels. The Treasury Department identified cartels that have "exploited Mexico-based financial institutions to move money," which Treasury Secretary Scott Bessent said enables the "vicious fentanyl supply chain that has poisoned countless Americans." "Through the first use of a new powerful authority granted by Congress, Treasury will effectively require U.S. financial institutions to sever ties with 3 Mexico-based financial institutions for laundering money on behalf of cartels," Treasury Secretary Scott Bessent said Wednesday. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying three Mexico-based banks—CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector)—as being of "primary money laundering concern in connection with illicit opioid trafficking. The orders also prohibit certain transmittals of funds involving CIBanco, Intercam, and Vector. The orders are the first actions by FinCEN pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act. That act provides the Treasury Department with additional authorities to target money laundering associated with the trafficking of fentanyl and other synthetic opioids, including by cartels. FinCEN said CIBanco and Intercam are commercial banks with more than $7 and $4 billion in total assets, respectively. Vector is a brokerage firm managing nearly $11 billion in assets. |
| Posted by:Skidmark |
| #2 ^ Including Western Union remittances |
| Posted by: Frank G 2025-06-26 08:58 |
| #1 Perhaps all banking ties should be cut, just to be on the safe side. |
| Posted by: Besoeker 2025-06-26 05:29 |