Mexican banks Summary by Bloomberg AI
A US Treasury Department official warned Mexican banks that the US would cut off access to its financial system if they were found to be laundering money for drug cartels.
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) labeled three Mexican financial companies as "of primary money laundering concern", effectively cutting them off from the US financial system.
The move has caused chaos in Mexico's financial system, with the three companies' operations taken over by the government, and billions of dollars of local securities caught up in the mess.
A US Treasury Department official warned Mexican banks that the US would cut off access to its financial system if they were found to be laundering money for drug cartels.
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) labeled three Mexican financial companies as "of primary money laundering concern", effectively cutting them off from the US financial system.
The move has caused chaos in Mexico's financial system, with the three companies' operations taken over by the government, and billions of dollars of local securities caught up in the mess.
Bloomberg 3 July 2025
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