*Mexico’s finance ministry (SHCP) has confirmed that the finance regulator, Comisión Nacional Bancaria y de Valores (CNBV), has fined three financial institutions that were sanctioned by the US on 25 June for allegedly laundering money on behalf of drug cartels. In a statement, the SHCP said that the CNBV had fined commercial banks CIBanco and Intercam, and brokerage company Vector Casa de Bolsa, a combined total of M$185m (US$9.84m) due to “non-compliance in administrative processes”. The SHCP repeated its claims that the US has not provided proof to back up its accusations, stating that it will “act with the full force of the law” if it receives “conclusive information that proves illicit activities” by the three firms. “However, to date we do not have any such information,” it said. The CNBV took over the administration of the three firms following the announcement of sanctions against them in June.
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