The Trump administration on Wednesday used a new authority for the first time to oblige US financial institutions to break ties with three banks established in Mexico for money laundering on behalf of behalf on behalf of Cartels.
The Ministry of Finance identified cartels who have “operated financial institutions based in Mexico to move money”, of which the Minister of Finance Scott Bessent said that the “Vicious Fentanyl supply chain that has poisoned countless Americans”.
“Due to the first use of a new powerful authority granted by the congress, Treasury will effectively require us that financial institutions with 3 financial institutions established in Mexico for money laundering on behalf of cartels,” said Finance Minister, Scott Berent, Wednesday.
The Financial Crimes Enforcement Network (FINCEN) of the Treasury Department has issued orders on identifying three Bank-Cibanco SA, Institution de Banca Multiple (Cibanco), Intercam Banco SA, Institute de Banca de Bancam) and Vector de Banca, Sa-Saals, Sa-Saals, The trade in the failure in failure with failed abuse.
US Treasury Secretary Scott Bessent testifies before a hearing of a House Financial Services Committee entitled “The annual testimony of the secretary of the treasury about the state of the international financial system”, on Capitol Hill in Washington, D. (Reuters / Nathan Howard / Reuters -photos)
The orders also prohibit certain shipments from funds involving Cibanco, Intercam and Vector.
The orders are the first actions of Fincen in accordance with the Fentanyl Sanctions Act and the Fend Off Fentanyl Act. This law offers the Ministry of Finance additional authorities to focus money in connection with the trade on fentanyl and other synthetic opioids, also by cartels.
Fincen said that Cibanco and Intercam are commercial banks with more than $ 7 and $ 4 billion in total assets respectively. Vector is a brokerage company that manages almost $ 11 billion in assets.
Fincen said that the financial institutions “played a long -term and crucial role in laundering millions of dollars on behalf of cartels in Mexico and facilitating payments for the purchase of predecessorchemicals needed to produce fentanyl.”
Bessent said that both the United States and Mexico “are committed to financial systems with strong anti-money laundering practices/combating the financing of terrorist controls.”
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“These actions confirm the dedication of Treasury to use all tools at our disposal to prevent the threat of terrorist organizations,” Bessent added.
