WASHINGTON (WDNews) – The U.S. Treasury Department has taken its first major step under a new law to fight the spread of deadly fentanyl in America.
On Tuesday, Treasury officials announced that three financial institutions in Mexico—CIBanco, Intercam, and Vector—are now banned from certain financial transactions with the United States. The move comes under the new FEND Off Fentanyl Act, which gives the U.S. stronger powers to target banks and businesses that help drug cartels move money.
“These banks are enabling the poisoning of countless Americans by moving money on behalf of cartels,” said Treasury Secretary Scott Bessent. “Today’s actions affirm Treasury’s commitment to using all tools at our disposal to counter the threat.”
What They Found:
CIBanco was found to help cartels like CJNG, the Gulf Cartel, and Beltran-Leyva move money and buy chemicals from China to make fentanyl. In one case, a bank employee helped set up an account to launder $10 million for the Gulf Cartel.
Intercam leaders reportedly met directly with cartel members to set up money-laundering deals. They processed more than $1.5 million in payments from Mexican companies to Chinese suppliers.
Vector, a brokerage firm, helped move at least $2 million in cartel money between 2013 and 2021. It also made over $1 million in payments linked to buying fentanyl-making chemicals from China.
These three institutions have now been labeled a “primary money laundering concern” by the U.S. They are blocked from moving money in and out of the U.S. financial system starting 21 days after the official notice is published.
This move follows a January 2025 order by President Trump that allows the U.S. to label cartels as terrorist groups. So far, eight groups have been named, including the CJNG, Gulf Cartel, and Sinaloa Cartel.
The Treasury says the U.S. is working closely with Mexico to stop cartels from using the financial system to fund the fentanyl trade.
