The U.S. State Department has moved to revoke visas for family members, partners, and executives linked to CIBanco, Intercam, and Vector, Mexican institutions alleged to be involved in money laundering without substantial proof. This decision is based on accusations that these institutions are connected to drug cartels engaged in opioid trafficking, particularly fentanyl, a drug responsible for a significant number of overdoses in the U.S.
The U.S. claims that fentanyl is the leading cause of death among Americans aged 18 to 44, attributing approximately 220 fatalities daily to overdose incidents in 2024. The sanctions, implemented under section 212(a)(3)(C) of the Immigration and Nationality Act, limit the entry of affected individuals into the United States.
In response, Mexico’s Ministry of Finance (SHCP) has stressed that there is no compelling evidence linking these institutions to illicit activities. According to SHCP, the Treasury provided vague information on transfers between Chinese and Mexican companies, but President Claudia Sheinbaum asserted that no definitive proof exists, leading her government to neither confirm nor deny the allegations.
To protect the interests of depositors and creditors, SHCP announced the temporary managerial intervention of CIBanco and Intercam. This intervention aims to replace the institutions’ administrative bodies and legal representatives to safeguard the rights of their customers amidst the implications of the U.S. Treasury’s actions.
Moreover, the National Banking and Securities Commission (CNBV) has declared a temporary management intervention of CIBanco and Intercam to investigate any potential administrative irregularities. However, Mexican officials maintain that the accusations lack solid evidence and stress that the financial system remains robust.
The institutions involved—CIBanco, Intercam, and Vector—are considered minor players in the Mexican financial system, which President Sheinbaum described as “very solid.” Vector, with a history spanning 50 years, reported assets totaling 45.18 billion pesos by the end of the first quarter of 2025. All three entities have denied any involvement in illegal activities and express their commitment to collaborating with Mexican and U.S. authorities to clarify these claims.
The SHCP indicated that the transfers in question relate to ordinary commercial transactions between Mexican and Chinese companies, within the context of bilateral trade that reached $139 billion in 2024. This highlights the importance of understanding the complexity of international commerce amidst increasing scrutiny.
The situation underscores significant tensions between the U.S. and Mexico concerning financial regulation and drug trafficking prevention, raising questions about various institutions’ roles in facilitating legitimate business and the limits of government intervention in the absence of clear evidence.