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.
Treasury officials declared on Tuesday that CIBanco, Intercam, and Vector, three Mexican financial firms, are no longer permitted to conduct specific 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. The actions taken today demonstrate Treasury’s resolve to combat the danger with every available instrument.
What They Found:
It was discovered that CIBanco assisted gangs including as Beltran-Leyva, the Gulf Cartel, and CJNG in purchasing chemicals from China to manufacture fentanyl and transferring money. 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 handled over $1.5 million in payments to Chinese vendors from Mexican businesses.
Vector, a brokerage firm, helped move at least $2 million in cartel money between 2013 and 2021. Additionally, it paid more than $1 million for the purchase of ingredients used to make fentanyl 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 action comes after President Trump issued an order in January 2025 authorizing the United States to designate cartels as terrorist organizations. The CJNG, Gulf Cartel, and Sinaloa Cartel are among the eight organizations that have been identified thus far.
The Treasury says the U.S. is working closely with Mexico to stop cartels from using the financial system to fund the fentanyl trade.
