Tightening the Screws
El Financiero, June 27th, 2025
On Wednesday, Mexico took heavy hits from the United States. The first was a statement from the Treasury Department naming two banks and a brokerage firm as entities of interest in relation to fentanyl trafficking. The banks, CI Banco and Intercam, were placed under intervention yesterday by the CNBV (Mexico’s banking regulator), while the brokerage firm, Vector, was not. Apparently, the rationale is that the banks accept deposits from the public, which the Commission aims to protect, but it also has mechanisms to act against brokerages—and as of this writing, it has not done so. I don’t know whether that’s because Vector’s owner is Poncho Romo, the well-known “businessman” who served as chief of staff to López Obrador, or because the current Finance Minister previously worked at that brokerage, or for any number of imaginable reasons.
But the blow didn’t stop there. On the same day, U.S. Secretary of State Marco Rubio announced visa restrictions for the family members and close associates of those who fall under the criteria of Executive Order 14059, issued by Joe Biden, which specifically targets fentanyl trafficking. We’ll have to see which shareholders and executives from the named institutions are affected by this order.
On Thursday morning, Claudia Sheinbaum complained that she had not been informed and demanded proof. A double mistake. Admitting ignorance of what the neighboring government is doing does her no favors, and demanding evidence in processes that don’t operate with formal proof is even worse. In money laundering and similar cases, authorities act based on reasonable suspicion—precisely so they can gather evidence. That is exactly what Mexico’s own Financial Intelligence Unit (UIF) has done many times, often without even reasonable suspicion.
Also on Wednesday, U.S. prosecutor Pam Bondi testified before the U.S. Senate and stated, among other things, that under Trump’s leadership they are ready to defend the United States from threats posed by Russia, Iran, China… and Mexico. With complete calm, she included us among America's enemies, and went on to clarify that those responsible for killing U.S. citizens through fentanyl will be confronted.
She was interrupted by Senator Lindsey Graham—who has long had Mexico in his crosshairs—who asked her to clarify whether Mexico was helping in the fight against drugs. After hesitating for a moment, Bondi told him that this would be better discussed in a closed session. Graham responded: “I want to say this publicly: No. Mexico is not cooperating,” and added that half of Mexican territory is governed by cartels.
It’s entirely possible that the U.S. Treasury's action against CI Banco, Intercam, and Vector is mistaken—as are the views of Bondi and Senator Graham. But we are talking about the authorities of the neighboring country with which we have the largest economic relationship, where perhaps thirty million Mexicans and their descendants live, and from which more than $60 billion is sent back each year in remittances to families in Mexico.
If they believe what they’re saying, they have more reasons to act in Mexico than they had to act in Iran—and they did act in Iran. Instead of demanding proof, we should be doing everything in our power to convince them they’re wrong—or risk receiving the kind of treatment Bondi says is prepared for enemies of the United States.
Given that tariffs didn’t work for Trump, and the bombing may not have had lasting effects, it’s possible he’s becoming increasingly desperate for a spectacular result.
We do not want to be a part of that.