Fact Check: "CIBanco processed over $2.1 million in transfers tied to fentanyl precursor purchases."
What We Know
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued orders identifying CIBanco S.A. as a financial institution of primary money laundering concern due to its involvement in illicit opioid trafficking. According to FinCEN, from 2021 through 2024, CIBanco processed over $2.1 million in payments on behalf of Mexico-based companies to China-based companies that shipped precursor chemicals to Mexico for illicit purposes (source-1, source-2). This information has been corroborated by multiple reputable news sources, including the Washington Post and the Associated Press, which also reported on the bank's role in facilitating these transactions (source-3, source-5).
Analysis
The claim that CIBanco processed over $2.1 million in transfers tied to fentanyl precursor purchases is supported by official statements from FinCEN, which is a credible government agency tasked with combating financial crimes. The orders issued by FinCEN detail the bank's involvement in money laundering activities linked to various drug cartels, including the Jalisco New Generation Cartel and the Gulf Cartel (source-4, source-7).
The reliability of the sources reporting on this issue is high, as they include government press releases and articles from established news organizations. The Treasury Department's press release explicitly states the amount processed by CIBanco, and this figure is consistently reported across multiple outlets, indicating a strong consensus on the matter.
However, it is important to note that CIBanco has publicly denied these allegations, and the Mexican government has demanded proof of the claims made by the U.S. government (source-4). While this introduces a counter-narrative, the evidence provided by FinCEN remains compelling and well-documented.
Conclusion
Verdict: True. The claim that CIBanco processed over $2.1 million in transfers tied to fentanyl precursor purchases is substantiated by credible sources, including official statements from FinCEN and corroborating reports from reputable news organizations. The consistency of the reported figures across multiple sources lends further credibility to the claim.
Sources
- Treasury Issues Historic Orders under Powerful New Authority to Counter ...
- Treasury Issues Unprecedented Orders under Powerful New Authority to ...
- U.S. ties 3 Mexican financial institutions to fentanyl trafficking
- Mexico Demands U.S. Prove Banks Aided Cartels
- US blocks money transfers by 3 Mexico-based financial institutions ...
- U.S. Targets Mexican Banks Aiding Fentanyl Cartels | OCCRP
