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Wachovia Helped Launder Narco Cash

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Wachovia Helped Launder Narco Cash
Topic: Crime 1:31 am EDT, Jul  1, 2010

"Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine... Wachovia admitted it didn’t do enough to spot illicit funds in handling $378B for Mexican-currency-exchange houses from 2004 to 2007. That’s the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history."

Wachovia Helped Launder Narco Cash



 
 
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