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Wachovia Busted Laundering Drug Money

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Published on Mar 19, 2010

US Government Lets Bank Off The Hook
Wachovia Bank reached a $160 million settlement with the Justice Department over allegations that a failure in bank controls enabled drug traffickers to launder drug money by transferring money from Mexican currency-exchange houses to the bank.
Under a deferred-prosecution agreement with federal prosecutors in Miami, Wachovia, which is owned by Wells Fargo & Co., "admitted failure to identify, detect, and report suspicious transactions in third-party payment processor accounts," according to the Justice Department. Prosecutors said the bank processed $420 billion in transactions without using proper money-laundering detection.
In a statement, Wachovia said it "has made significant enhancements to its [anti-money laundering] and [Bank Secrecy Act] compliance program that have strengthened its ability to guard against unlawful use of its system by wrongdoers." Wachovia has spent $42 million improving its compliance program, the bank said.
http://online.wsj.com/article/SB10001...

tags
Wells Fargo Drugs Money Laundering US Government George Carlin Execute White Bankers Wachovia Laundered Cocaine Mexico Colombia Coke Laundering Drug Trafficking Dealers Law Narcotraficantes

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