Earlier this year, in June, the U.S. Treasury Department announced sanctions against three Mexican financial institutions, alleging they were used by drug cartels to launder millions of dollars and to facilitate payments for precursor chemicals used in the production of fentanyl.
In the months that followed the announcement, the Mexican government launched investigations into CIBanco, Intercam Banco and the brokerage firm Vector Casa de Bolsa. These actions convinced the Treasury Department to grant a temporary reprieve, citing Mexico's progress in addressing money laundering by drug trafficking cartels.
