The United States announced sanctions Wednesday against three Mexican financial institutions—CIBanco, Intercam, and Vector Casa de Bolsa—for allegedly laundering millions of dollars linked to the illicit trafficking of opiates, including fentanyl.
According to the Treasury Department, this is the first action the US has taken under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which expands the Department’s powers to combat money laundering related to fentanyl trafficking and cartels.
“Financial institutions like CIBanco, Intercam, and Vector are enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain,” Treasury Secretary Scott Bessent stated in the statement.
History and Ownership of Vector Casa de Bolsa
By 1987, businessman Alfonso Romo Garza, along with a group of investors, acquired the company, which he renamed Vector Casa de Bolsa, according to official documents, such as the filing with the U.S. SEC.
Alfonso Romo remains the honorary chairman of the board and CEO of Grupo Plenus, the group’s parent company. However, Edgardo Cantú Delgado is currently the CEO of Vector Empresas and CEO of the brokerage firm.
Alfonso Romo, originally from Monterrey, Nuevo León, has been an entrepreneur in the agroindustrial, energy, and biotechnology sectors in addition to his activities in the stock market.
In addition to his business background, Romo has also been involved in politics, first in 2000 when he served as campaign coordinator for Vicente Fox, the first president to replace the PRI.
In 2012, the Monterrey businessman supported Andrés Manuel López Obrador’s campaign, and during the 2018 campaign, he served as the liaison between business leaders and the Morena party.
After López Obrador’s electoral victory, Alfonso Romo was appointed head of the Office of the President, although he resigned from the position in December 2020.
What did Vector report about the US accusation?
After being accused of money laundering by the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury, Vector Casa de Bolsa completely rejected the assertion and emphasized that no conclusive evidence of these acts has been provided to Mexican authorities.
“Vector categorically rejects any accusation that compromises its institutional integrity. With more than 50 years of experience, our Brokerage Firm has operated under the highest standards of regulatory compliance, internal auditing, and oversight by national financial authorities,” he emphasized.
In a statement, the brokerage firm stated that its clients’ investments are backed by the investment instruments in which they are invested, which are held in custody at the Securities Depository Institute (Indeval).
The brokerage firm recalled that the Ministry of Finance and Public Credit (SHCP) reported that, after requesting evidence from the Treasury Department regarding its accusations, no evidence was received linking Vector to illicit activities. The reported transactions correspond to ordinary transactions with legally constituted companies.
What is the Treasury Department’s accusation?
“Furthermore, the reviews conducted by the Mexican authorities yielded only administrative observations that have been duly addressed and sanctioned in accordance with current regulations,” the brokerage firm stated.
According to FinCEN, Vector has facilitated the money laundering activities of cartels based in Mexico, including the Sinaloa Cartel and the Gulf Cartel. It has also facilitated the acquisition of chemical precursors from China for illicit purposes.
However, while reiterating that no evidence has been presented to support this claim, the company reiterated its willingness to cooperate with Mexican and U.S. authorities to clarify any doubts within a framework of responsibility, legality, and transparency. “Vector reaffirms its commitment to Mexico, its clients, and the integrity of the national and international financial system.”
Source: elfinanciero
