Background on the Institutions Involved
CI Banco and Intercam Banco are Mexican financial institutions that have recently come under scrutiny from the U.S. Department of Treasury for their alleged involvement in money laundering related to opioid trafficking. As a result, the Mexican National Banking and Securities Commission (CNBV) imposed a temporary management intervention on these three institutions.
Hacienda’s Action Plan
The Mexican Secretariat of Treasury and Public Credit (Hacienda) announced a plan to separate and temporarily transfer the trust businesses of CI Banco and Intercam Banco to Mexican development banking institutions. This action is part of the temporary management intervention and aims to ensure the continuous operation of existing trusts.
Temporary Transfer Details
- The trust businesses will be temporarily transferred to Mexican development banks, allowing the trusts to continue operating without interruptions.
- This solution benefits fideicomisos’ beneficiaries, recipients, and involved third parties.
- Regulatory and operational controls will remain in place, with constant supervision from the CNBV and financial authorities to protect public users’ interests.
Rationale and Impact
The U.S. Department of Treasury’s concerns over CI Banco and Intercam Banco’s alleged money laundering activities have prompted Hacienda to take these measures. The temporary transfer aims to maintain trust operations’ stability and ensure the protection of all involved parties.
Key Questions and Answers
- What is the reason for Hacienda’s action? The U.S. Department of Treasury identified CI Banco and Intercam Banco as a “primary concern” regarding money laundering related to opioid trafficking, prompting Hacienda’s response.
- Which institutions are involved in the transfer? The trust businesses of CI Banco and Intercam Banco will be temporarily transferred to Mexican development banks.
- What is the purpose of this transfer? To ensure continuous operation of existing trusts and protect the interests of beneficiaries, recipients, and involved third parties.
- Who will supervise the process? The Mexican National Banking and Securities Commission (CNBV) and financial authorities will oversee the temporary transfer process.
This action by Hacienda demonstrates the Mexican government’s commitment to addressing money laundering concerns while ensuring the stability of trust operations and protecting the interests of all involved parties.
