Wachovia, Money Laundering and the Cartels
The Guardian has a new investigative report on Wachovia Bank's laundering of billions of dollars for Mexican drug cartels. The information comes from the federal criminal prosecution of Wachovia in Florida that was settled in 2010, and background from a British whistle-blower.
As the violence spread, billions of dollars of cartel cash began to seep into the global financial system. But a special investigation by the Observer reveals how the increasingly frantic warnings of one London whistleblower were ignored
The Government charged Wachovia with failing to maintain an effective money laundering program. Wachovia entered a one year deferred prosecution agreement with the Government in March, 2010. It forfeited $110 million and paid a $50 million fine. You can read the agreement here. No individuals were charged. [More...]
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