Colombia's Petro releases bank records to counter US drug claims, sparking backlash over spending

BOGOTA, Colombia (AP) — Colombian president Gustavo Petro has publicly released his bank records in an effort to demonstrate he has no ties to drug trafficking, an unsubstantiated claim made by U.S. President Donald Trump.

Colombia’s Financial Information and Analysis Unit this week began releasing the president’s bank statements to the press from 2022 to June of this year after the president ordered their release on Monday.

"Don't you find it alarming that my bank accounts and transactions contradict President (Donald) Trump’s assessment of a president democratically elected by Colombians?” Petro wrote Wednesday on the social network X.

Petro is referring to the sanctions imposed by the U.S. Treasury Department on him, first lady Verónica Alcocer, and his eldest son Nicolás Petro, all of whom were accused of drug trafficking links without evidence.

However, analysts are skeptical that publishing his accounts will achieve this goal, warning that the move has instead sparked a public debate about his private life.

If there were alleged drug trafficking transactions, they “surely will not appear in the president’s accounts,” Yann Basset, a professor of political science at the Universidad del Rosario, told The Associated Press, adding that he does not believe Petro’s move will convince experts or the United States.

It is “more an act of transparency toward the public,” Basset said.

The released accounts have so far shown no sign of suspicious transactions but have revealed payments for a house mortgage, purchases at stores like Gucci and Ralph Lauren, and a transaction at a strip club. This has led to criticism from the local press.

“Your analysis is quite immature,” Petro wrote on X Wednesday after being questioned about his spending. "It implies that if you’re a socialist you’ll starve, because all food in capitalism involves buying goods.”

Petro came to power on a platform that directly challenged concentrated power groups, promising structural changes to significantly reduce Colombia’s inequality and poverty.

“All of this is generating an additional, and completely unnecessary, debate about the president’s spending,” said Sandra Borda, a professor of political science at the University of Los Andes. “I think it could negatively affect people’s perception of Petro’s social commitment.”

The debate over Petro’s spending comes as Colombia prepares to elect a new Congress and president in March and May of 2026. Petro is legally ineligible for reelection but has already indicated his intention to keep the left in power.

The decision to release his bank records “is understood in the context of the electoral campaign and a will to show transparency,” said Basset, noting that it remains to be seen whether public opinion will ultimately favor the transparency effort or the controversy surrounding the president’s spending.

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