In a significant blow to the fight against the devastating fentanyl crisis, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has sanctioned three major Mexican financial institutions. These institutions, accused of laundering millions for cartels involved in the illegal fentanyl trade, are CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa S.A. de C.V.

The move, announced on June 25th, targets significant players in the Mexican financial landscape. CIBanco and Intercam, commercial banks boasting assets exceeding $7 billion and $4 billion respectively, are implicated alongside Vector, a brokerage firm managing nearly $11 billion in assets. FinCEN’s statement alleges these entities played a “longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels.” This includes facilitating payments for the precursor chemicals essential to fentanyl production.

This action underscores the Treasury Department’s commitment to disrupting the financial networks supporting the flow of illicit drugs, highlighting the crucial role financial institutions play in the global fight against the fentanyl epidemic. The sanctions imposed aim to severely restrict the ability of these banks and brokerage firm to operate within the international financial system, thereby crippling their capacity to support cartel activities.