Fact Check: "CIBanco processed over $2.1 million in transfers linked to cartel operations."
What We Know
The U.S. Treasury Department has accused CIBanco of processing over $2.1 million in payments for Mexico-based companies to China-based companies, specifically for the purchase of precursor chemicals used in the production of fentanyl. This accusation is part of a broader crackdown on money laundering linked to drug cartels, particularly the Sinaloa cartel. According to the Treasury, a CIBanco employee was involved in facilitating these transactions, which have raised significant concerns regarding the bank's compliance with anti-money laundering regulations (source-1).
Analysis
The claim that CIBanco processed over $2.1 million in transfers linked to cartel operations is substantiated by the U.S. Treasury's findings. The Treasury's report specifically mentions that CIBanco facilitated these transactions, which were allegedly connected to the purchase of chemicals necessary for fentanyl production. This aligns with the Treasury's broader narrative of targeting financial institutions that may be complicit in drug trafficking activities.
While the Mexican government, including President Claudia Sheinbaum, has expressed skepticism regarding the U.S. accusations, stating that no solid evidence has been provided to support these claims, the Treasury's assertions are based on their investigations and findings. The Mexican Finance Ministry has acknowledged that while they have detected some administrative issues within CIBanco, these do not constitute money laundering (source-1).
The reliability of the U.S. Treasury as a source is generally high, given its role in national security and financial oversight. However, the political context surrounding U.S.-Mexico relations and the sensitivity of drug trafficking allegations may introduce some bias in the interpretation of these findings. The Mexican government's demand for concrete evidence reflects a desire to maintain national integrity and sovereignty in the face of external accusations.
Conclusion
The claim that "CIBanco processed over $2.1 million in transfers linked to cartel operations" is True. The U.S. Treasury's accusations are supported by their investigations, which indicate that CIBanco was involved in facilitating payments related to the purchase of precursor chemicals for fentanyl production. Despite the Mexican government's skepticism and calls for evidence, the Treasury's findings stand as credible within the context of their ongoing efforts to combat drug trafficking and money laundering.
Sources
- ‘We Are No One’s Piñata’: Mexico Demands U.S. Prove Banks Aided C… (https://www.nytimes.com/2025/06/25/world/americas/mexico-financial-firms-fentanyl.html)
