Mexico Separates Fiduciary Businesses of Cibanco & Intercam Amidst US Money Laundering Allegations – World Today News
Mexico City – The Mexican Ministry of Finance has initiated the separation of the fiduciary businesses of Cibanco and Intercam Banco, following accusations from the United States Department of Justice alleging their involvement in facilitating money laundering for drug trafficking organizations. This decisive action aims to ensure the continued operation of existing trusts managed by the intervened institutions.
The Ministry of Finance acted swiftly after the US accusations, stating the objective is to “guarantee the operational continuity of the trusts they currently manage.” [[1]] the separation will be conducted in accordance with existing financial regulations and in close collaboration with supervisory authorities.specifically, the fiduciary businesses will be transferred to Mexican development banking entities, ensuring uninterrupted service for trust holders, beneficiaries, and related parties.Regulatory and operational controls will remain in place, with the National Banking and Securities Commission (CNBV) providing ongoing oversight and protection for the public.
Furthermore, a plan is underway to transition the fiduciary business to private financial institutions, prioritizing continuity, legality, and certainty for all stakeholders.Recent reports indicate that Intercam, cibanco, and Vector (another intervened entity) collectively manage public trusts holding 293,762,254.85 pesos. [[number]]
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Call to Action: Stay tuned to World Today News for further updates on this developing story and its implications for the Mexican financial system.
