Background on Claudia Sheinbaum
Claudia Sheinbaum Pardo is the current Head of Government (equivalent to Mayor) of Mexico City, serving since 2018. Previously, she was the Secretary of Environment for Mexico City from 2000 to 2018. As a prominent political figure, Sheinbaum’s statements carry significant weight in Mexico.
US Sanctions on Mexican Financial Institutions
On the morning of this Thursday, Claudia Sheinbaum addressed sanctions imposed by the U.S. Department of Treasury the previous day against two Mexican banks and a securities firm. Sheinbaum stated, “What we decided with the Secretariat of Finance, first and foremost, was to request more information.”
Sheinbaum’s Stance on the Sanctions
Sheinbaum emphasized that if there is evidence of money laundering, action will be taken administratively and criminally. However, without evidence, no action can be taken. She reiterated that “we will not cover anyone; there is no impunity.”
Mexico’s Financial System and Trade with China
Sheinbaum assured that the Mexican financial system is “very solid” and has mechanisms against money laundering. She pointed out that the FinCEN documentation released yesterday contained no proof of money laundering, only allegations. She also highlighted Mexico’s $139 billion trade with China and explained that financial transfers between legally established Chinese institutions through Mexican banks to Mexican companies are not proof of money laundering but regular business transactions.
Response to US Allegations
The U.S. Treasury accused CIBanco, Intercam, and Vector Casa de Bolsa of money laundering linked to fentanyl trafficking. In response, the Mexican Secretariat of Finance (SHCP) stated that the U.S. Treasury had not yet provided evidence to corroborate the information, but an investigation into the accused institutions was initiated.
Key Questions and Answers
- What were the sanctions imposed by the U.S. Treasury? The U.S. Department of Treasury imposed sanctions on CIBanco, Intercam, and Vector Casa de Bolsa for alleged money laundering related to fentanyl trafficking.
- How did Claudia Sheinbaum respond to these sanctions? Sheinbaum requested more information and stated that without evidence, no action can be taken. She also emphasized that Mexico will not cover anyone and there is no impunity.
- What is Mexico’s stance on the US allegations? Mexico maintains that its financial system is solid and has mechanisms against money laundering. The country asserts that the U.S. allegations lack concrete evidence and are based on mere allegations.
- What is the nature of financial transactions between Chinese and Mexican companies? These are regular business transactions, not evidence of money laundering. Mexico and China have a substantial trade relationship worth $139 billion.
