A Mexican bank recently sanctioned by the Trump administration is liquidating after losing its license to operate.
CIBanco is one of the three Mexican financial institutions the Trump administration accused of providing services to, and laundering money for, drug cartels.
Now, Mexico’s banking and securities commission is revoking its federal license, and the bank is beginning the liquidation process.
The Trump administration’s Treasury Department initiated the sanctions over the summer — prohibiting certain transactions with the three financial institutions.
In a statement, the department said these sanctions were the 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.
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