U.S. Treasury Targets Mexican Firms in Fentanyl Money Laundering Scheme

The U.S. Treasury has implicated three Mexican financial firms in a money laundering operation linked to fentanyl trafficking, escalating strain between the two nations.

The U.S. Treasury Department recently levied serious allegations against three Mexican financial firms, accusing them of laundering substantial sums of money connected to fentanyl trafficking facilitated by drug cartels. This action represents an assertive continuation of the Trump administration's efforts to combat the illicit opioid trade. According to the Treasury’s statement, the firms in question—Vector Casa de Bolsa, Intercam Banco, and CIBanco—will face restrictions on specific financial transactions, potentially escalating diplomatic tensions with Mexico, where these firms operate.

The allegations have generated significant alarm in Mexico, particularly as Vector Casa de Bolsa is a prominent brokerage firm overseen by Alfonso Romo, who formerly served as chief of staff under Andrés Manuel López Obrador, the prior president and a key figure of the country's leftist party. Vector swiftly refuted the charges, asserting that its operations are conducted with integrity and compliance with all regulatory standards. In a statement, the firm emphasized that the transactions cited by the Treasury were routine dealings with legally recognized companies.

In response to the U.S. accusations, Mexico's Finance Ministry declared that it had sought proof linking the financial institutions to any illicit activities, asserting that “no evidence was received.” Additionally, it highlighted that the wire transfers flagged by the Treasury were directed to legitimate companies in China, and stated that such transactions are commonplace between Mexican and Chinese entities, happening "by the thousands.”