Mexico’s new president scores a diplomatic win—but the accusations are still on the table
In what’s being called a behind-the-scenes lifeline, President Claudia Sheinbaum revealed Thursday morning that Mexico’s Ministry of Finance (SHCP) was directly responsible for securing a 45-day reprieve from U.S. sanctions against three Mexican financial institutions accused of laundering cartel cash.
CIBanco, Intercam, and Vector Casa de Bolsa were set to be effectively cut off from the U.S. financial system on July 21 after being labeled as “primary money laundering concerns” by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The charges? Allegedly helping Mexican cartels move dirty money used in the fentanyl trade.
But thanks to a last-minute intervention from Hacienda, those sanctions won’t take effect until September 4. According to Sheinbaum, the extension was granted “at the request of our Ministry of Finance… we’re working closely with the banks and brokerage firm to resolve this.” One of the banks, she added, is having its trust operations temporarily taken over to prevent further problems.
Hacienda Calls It “Respect for Our Sovereignty”
Mexico’s Finance Ministry didn’t just pull diplomatic strings—they issued a formal thank-you to Washington, calling the delay the product of “dialogue and collaboration… within a framework of respect for our sovereignty.”
The U.S. side confirmed the extension in a July 9 press release, noting that Mexico had taken “further steps” to address concerns, including assuming temporary control of the three institutions. FinCEN Director Andrea Gacki described the move as “necessary to protect the U.S. financial system from abuse by illicit actors.”
So far, the joint efforts appear to be holding. But make no mistake: the accusations haven’t disappeared.
No Proof, Says Sheinbaum
Back in June, President Sheinbaum flatly denied the money laundering claims during a morning press conference, saying: “There’s no proof—only statements. If there is proof, we will act. But without proof, we can’t.”
Despite that, the accusations have already triggered fallout. Several U.S. and Mexican companies have suspended business with CIBanco, Intercam, and Vector while the legal dust settles.
Treasury’s orders were issued under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act—two tools increasingly used by the U.S. government to hit cartels in the pocketbook by choking off their financial lifelines. According to FinCEN, the three firms were instrumental in laundering proceeds that helped manufacture and traffic fentanyl across borders.
Still on the Watchlist
With the clock now ticking toward the new September 4 deadline, both governments are scrambling to show compliance—or at least enough good faith—to avoid a full financial blacklisting.
Mexico’s financial authorities say they’re reinforcing oversight and internal controls at the institutions. Meanwhile, FinCEN is watching closely and has made it clear they’ll “consider all facts and circumstances” before deciding whether to grant any further delays.
As for Sheinbaum, this may be her first big international test as president. And while she’s bought some time, the real challenge lies in what happens next.
Stay tuned. This story’s far from over.
