This week, the Sheinbaum administration celebrated several positive developments: daily homicides dropped to their lowest level in nine years, high-impact crime arrests neared 35,000 and government revenue continued its upswing, providing a crucial financial buffer for a year of tepid economic growth.
Despite falling national crime rates, five popular tourism destinations — including San Miguel de Allende — ranked among Mexico’s 50 most violent municipalities. A Mexico News Daily reader survey revealed that foreigners living in or visiting these cities maintain high perceptions of safety, confirming that the impact of violent crime is limited to certain groups.
Mexico’s financial sector, meanwhile, faced unprecedented turbulence as regulators shuttered CIBanco following U.S. money laundering accusations, leaving thousands of customers scrambling to recover their funds.
We also covered legislative developments on animal welfare and Sheinbaum’s proposed reform to Mexico’s amparo law.
Didn’t have time to read every story this week? Here’s what you missed.
CIBanco liquidated following money laundering accusations
Mexico’s banking sector faced its most dramatic development in years as IPAB revoked CIBanco’s license and began liquidating the institution on Friday, following U.S. Treasury Department sanctions in June that accused the bank of laundering millions for drug cartels.
The closure of CIBanco, alongside restrictions on Vector and Intercam, marked an unprecedented regulatory crackdown on financial institutions allegedly facilitating cartel operations.
IPAB announced it would begin paying insured deposits starting Monday. To access funds, CIBanco account holders can register a receiving account starting Oct. 13. Those without other Mexican bank accounts must visit CIBanco branches or IPAB offices in person to submit a Payment Request. Read more here.
The impact on the bank’s customers has been severe. A Mexico News Daily survey of over 200 readers in July found that 62% of CIBanco clients were considering closing their accounts, with many reporting frozen transfers and restricted withdrawals. One Mexican student abroad reported being unable to access funds after Visa suspended international transactions. The crisis particularly affected foreigners relying on U.S. check deposits and international transfers to pay contractors, employees and living expenses.
Grupo México’s Banamex bid rejected
Mining magnate Germán Larrea’s US $9.3-billion attempt to acquire Banamex caused a small earthquake in Mexico’s financial sector.
Grupo México’s binding offer on Sept. 8 sent the conglomerate’s stock plummeting 18.8% on the Mexican Stock Exchange (BMV). On Thursday, Citi rejected the proposal, reaffirming its prior commitment to selling 25% to Fernando Chico Pardo.
Mexican business magnate buys 25% stake in Banamex ahead of planned IPO
Grupo México shares shot up 4.5% after Citi’s rejection.
Government revenue hits record highs
The Sheinbaum administration reported that government revenue increased 9.1% annually in the first nine months of 2025, reaching 4.63 trillion pesos ($251.7 billion).
Finance Minister Édgar Amador Zamora attributed approximately 200 billion pesos of the increase to improved foreign trade tax collection and anti-corruption efforts at border crossings.
“Thanks to that … it has been possible to have very, very solid growth of public income, amid an economic context in which [GDP] growth has been a little more moderate,” Amador said.
Tech and transport sectors signal confidence
- Salesforce’s $1 billion AI push: The cloud-based software giant announced a five-year, US $1-billion investment to expand operations, open a new five-story Mexico City headquarters and establish a Global Delivery Center providing AI consulting services across Latin America. Salesforce’s CEO also committed to training 100,000 Mexican students in artificial intelligence.
- Electric freight innovation: Nuevo León announced that an electric cargo transport service using Windrose electric tractor-trailers will carry freight from Monterrey to Laredo, Texas, starting in November, with eventual extension to Dallas. The private sector initiative aligns with global decarbonization trends while capitalizing on nearshoring opportunities.
Pemex moves toward stability
This week, the state oil company notched several positive developments signaling progress toward financial solvency:
- Major private investment secured: Carlos Slim’s Grupo Carso signed a $1.991 billion contract to drill up to 32 wells in the Ixachi field in Veracruz over three years, with payment contingent on well production. The agreement exemplifies President Sheinbaum’s strategy of leveraging private partnerships to boost production while managing Pemex’s $98 billion debt burden.
- Credit rating upgraded: Fitch Ratings bumped Pemex’s rating to BB+, placing the company just one notch below investment grade. The upgrade followed government capital injections exceeding $16 billion and came remarkably just one month after Fitch had raised Pemex to BB with a positive outlook.
Tourism destinations among Mexico’s most violent municipalities
Security data revealed a sobering reality for several popular tourist destinations. Five tourism hotspots ranked among Mexico’s 50 most violent municipalities based on per capita homicide rates between September 2024 and August 2025, according to crime data compiled by elcri.men.
Tulum ranked 20th most violent with 83.9 homicides per 100,000 residents, recording 46 murders during the period. Acapulco, once a glamorous Hollywood destination, ranked 34th with 71 homicides per 100,000 people. Zihuatanejo ranked 41st with 61.3 per 100,000, while San Miguel de Allende, home to a sizable expat community, came in 50th with 49.3 per 100,000. Manzanillo topped the list at third place overall with 143.4 homicides per 100,000 people.
We asked readers to rate their perception of safety in the above cities, and most expressed continued confidence despite the statistics.
Tourists and foreign residents are rarely affected by violence in these destinations, as most incidents are related to organized crime.
Mexicans detained in Israel return home safely
Early in the week, Mexico announced that six Mexican activists detained by Israeli forces on Oct. 1 would be repatriated. The individuals had been part of the Global Sumud Flotilla attempting to deliver humanitarian aid to Gaza when Israeli naval forces intercepted the vessels.
They were held at Ketziot, a maximum security prison in the Negev desert, before being transferred to Amman, Jordan, and then home.
President Sheinbaum condemned the interception and reinforced Mexico’s support for Palestine, noting that Mexico joined other countries in filing a complaint with the International Court of Justice in The Hague.
Looking ahead
The week underscored how Mexico’s strengths and vulnerabilities will collide during next year’s pivotal USMCA review.
U.S. Trade Representative Jamieson Greer’s recent accusation that Mexico fails to honor USMCA commitments in energy, telecommunications and agriculture signals difficult negotiations ahead. President Sheinbaum responded that Washington raised “about 50 points” largely stemming from misunderstandings — citing labor court funding calculations that overlooked state contributions — and expressed confidence that most issues are resolved. Yet Greer’s blunt assertion that “it doesn’t make a lot of sense to talk about extending” the pact suggests that challenging bilateral talks are ahead.
Security presents another mixed picture. Homicides are down, but public fear is at a three-year high — 63.2% of Mexicans feel unsafe, up from 58.6% a year earlier.
At the border, apprehensions plummeted to a 55-year low — just 237,565 in FY2025, down 87% from recent averages. And the World Bank’s upgraded forecast of 0.5% growth, though modest, joins similar OECD and IMF revisions suggesting economic stabilization. Record government revenue offers fiscal breathing room.
But the CIBanco liquidation exposed financial sector fragilities precisely when Mexico needs to project institutional soundness. Whether Mexico can resolve these contradictions — compliance versus sovereignty, falling crime versus rising fear — will determine its position when formal USMCA negotiations begin.
Mexico News Daily
This story contains summaries of original Mexico News Daily articles. The summaries were generated by Claude, then revised and fact-checked by a Mexico News Daily staff editor.
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