Mexico’s National Banking and Securities Commission (CNBV) intervenes in CIBanco and Intercam after US Treasury sanctions link them to fentanyl trafficking. President Claudia Sheinbaum denounces the accusations as baseless.

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Mexican President Rejects U.S. Attorney General’s Claims on Fentanyl Trafficking

In a bold assertion of national sovereignty, Mexico’s banking regulator (CNBV) announced on June 26 it would take temporary control of two major banks, CIBanco and Intercam Banco, following sanctions imposed by the US Treasury Department. The sanctions allege these institutions facilitated money laundering connected to fentanyl trafficking, claims vehemently denied by Mexican authorities and the banks themselves.

During a press conference, Mexican President Claudia Sheinbaum condemned the US Treasury’s decision as lacking evidence. “There is no proof, just talk,” Sheinbaum declared, emphasizing that Mexico had requested detailed information from US authorities but received only vague, unsupported allegations.

She reaffirmed Mexico’s commitment to cooperation but warned that the country “will not bend” to external pressure, underscoring Mexico’s status as a sovereign and equal partner in its relationship with the United States.

Banking Regulator Steps In to Protect Depositors and Financial Stability

The National Banking and Securities Commission (CNBV), Mexico’s financial regulator, justified its intervention as necessary to protect depositors and creditors amid growing uncertainty caused by the US sanctions.

The CNBV’s mandate includes supervising financial institutions to ensure their stability and compliance with regulations, and it has the authority to intervene administratively when irregularities threaten the system.

The intervention could aim to:

-Protect depositors and creditors from potential losses or disruptions due to the sanctions and ensuing operational challenges.

-Prevent contagion effects that might destabilize the broader Mexican financial system, given the significant assets and interconnectedness of CIBanco and Intercam Banco.

-Investigate and correct administrative violations detected within the banks, ensuring adherence to financial laws and regulatory standards.

-Maintain public confidence in the financial system by guaranteeing that these institutions continue to operate securely and transparently during the investigation.

-Experts note that the CNBV’s action reflects a precautionary approach to safeguard Mexico’s financial integrity amid external pressures.

La Junta de Gobierno de la #CNBV decretó la intervención gerencial temporal de
dos instituciones bancarias: CI Banco, S.A. e Intercam Banco, S.A.#Comunicado 📑 https://t.co/TCPBhuKd5r pic.twitter.com/J6KZ7PtvpL

— CNBV (@cnbvmx) June 26, 2025

The text reads:The Governing Board of the #CNBV decreed the temporary managerial intervention of two banking institutions: CI Banco, S.A. and Intercam Banco, S.A.

The sanctions come amid heightened tensions between Mexico and the US, with Washington labeling Mexico as an “adversary” country in its ongoing “war on drugs.” Analysts and allied governments in Latin America view these actions as part of a broader pattern of US interference designed to undermine Mexico’s autonomy and economic sovereignty.

President Sheinbaum cited the 2020 case of General Salvador Cienfuegos, whose arrest and subsequent release exposed the fragility and politicization of US accusations against Mexican officials.

The US Treasury’s allegations focus on transactions between Chinese and Mexican companies, suggesting these transfers are linked to illicit fentanyl networks. President Sheinbaum countered that these companies are legally registered and part of a robust bilateral trade relationship exceeding $139 billion in 2024. She emphasized that routine commercial transactions should not be conflated with money laundering without concrete proof.

Despite the current controversy, Sheinbaum highlighted ongoing reforms in Mexico’s anti-money laundering framework, currently under congressional review. She assured that no impunity exists under her administration and that investigations continue independently of US accusations.

The Financial Intelligence Unit (UIF) has reportedly found no irregularities in the commercial relations between Chinese and Mexican companies involved.

Mexico’s decisive response to the US Treasury’s sanctions reflects a broader struggle for respect and sovereignty in the face of external pressures. President Sheinbaum’s message is clear: Mexico demands respect and transparency, rejecting unsubstantiated claims that threaten its financial stability and international standing.

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