Mexican banks face cascading consequences following US sanctions

Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa. In presenting the sanctions on June 25, officials provided no evidence to back their claims, fueling criticism from Mexican President Claudia Sheinbaum.