Introduction
The U.S. Financial Crimes Enforcement Network (FinCEN) has flagged CIBanco, Intercam, and Vector as primary money laundering concerns. This action stems from the expanded authority granted to the U.S. Department of the Treasury under the Fentanyl Sanctions Act and the FEND OFF Fentanyl Act, focusing on combating fentanyl trafficking into the United States. These measures utilize financial indicators, statistics, and tools like Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs), exclusive to the financial sector.
The Gasoline Sector’s Current Regulatory Landscape
Although there is a regulatory aspiration for tracking fuel molecules in Mexico, the gasoline sector currently lacks a sophisticated regulatory and anti-money laundering (AML) framework as advanced as the financial sector.
Common Ground: The Huachicol Issue
Since mid-last year, as detailed in a January column, the U.S. Department of the Treasury (via its OFAC) has been documenting another primary concern in their fight against funding Mexican cartels: huachicol, or fuel theft.
Actions Taken by U.S. and Mexican Agencies
Various agencies and prosecutors from both Mexico and the U.S. have taken actions to investigate, sanction, and charge individuals and organizations suspected of involvement in any form of huachicol. Investigations range from simple gasoline theft to diesel and crude smuggling, as well as tax evasion.
FinCEN’s Public Warning
In May of this year, FinCEN issued a public warning about the scheme, urging financial institutions to report any transactions they suspect may be related to this operation based on 14 specific red flags under the SAR FIN-2025-OILSMUGGLING key.
Implications for the Gasoline Sector
While these indicators primarily target financial institutions, gasoline sector participants should investigate their exposure to these red flags with equal urgency.
- Existing Sanctions and Alerts: The gasoline sector already faces organizations formally sanctioned, specialized alerts, and intense supervision.
- Financial Losses: Pemex loses billions of dollars due to this practice, and the Mexican government loses tens of thousands of pesos. This is a significant source of funding for organizations now considered terrorist groups by the Mexican government.
- Supply Chain Transparency: From Pemex and large importers to traders and individual gas stations, those without a clear understanding of their complete supply chain, including beneficiaries, may struggle to argue ignorance or lack of knowledge. Regulatory compliance deficiencies in such an alert-rich environment could be perceived as “willful blindness,” potentially leading to charges of funding terrorist organizations.
