The U.S. Treasury Department is prohibiting certain transactions with three Mexican banks it accuses of laundering money for drug cartels.
The Treasury Department says the three Mexican banks provide services to drug cartels, including money laundering and facilitating the criminal organizations’ drug smuggling operations.
The new order prohibits financial institutions from transmitting funds from or to the three banks, CIBanco, Intercam and Vector.
The order is the Treasury Department’s first action under a recently passed law that widens the authority of their Financial Crimes Enforcement Network to target financial organizations associated with fentanyl smuggling.
The Treasury Department has also recently put new sanctions on individuals and businesses it accuses of being associated with cartels.
