Mexican banks linked to money laundering have drawn the attention of authorities. At the center of the scandal is CIBanco, its former owners, and new financial institutions. One of CIBanco's partners, Norman Hagemeister Rey, and his father-in-law, the bank's former owner Jorge Rangel de Alba, are implicated in a case of providing financial support to the Jalisco New Generation Cartel. Despite official statements disavowing any ties, documentation reveals their close connection. A major former shareholder of CIBanco, MORENA deputy Patricia Armendáriz, was also embroiled in the affair, having written about the need to save jobs. Meanwhile, Telefónica successfully exited the Mexican market by selling its operation to the Newfoundland fund. The new financial institution, Finsus, has applied for a banking license, sparking public debate and questions about the transparency of its origins.
