Mexican money-laundering will cost Wachovia $160M

Discussion in 'Immigration/Illegal Immigration' started by Angelhair, Mar 18, 2010.

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    Mexican money-laundering will cost Wachovia $160M
    Story Comments Curt Anderson The Associated Press | Posted: Thursday, March 18, 2010

    THE LOCAL ANGLE
    In a similar crackdown, Arizona's attorney general and three other states won a $94 million settlement in February from Western Union over wire transfers of money to Mexico. Out of the total, $21 million goes to Arizona.

    In settling that lawsuit, Western Union acknowledged that between 2003 and 2007, the company had information that, viewed as a whole, gave it reason to know that people at several of its locations were engaged in laundering money.

    The company said it would spendÂ…

    Full StoryMIAMI - Banking giant Wachovia Corp. will pay $160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses in the largest case of its kind ever brought against a U.S. bank, prosecutors said Wednesday.

    "This is historic," acting U.S. Attorney Jeffrey Sloman said. "There is no other case like this one anywhere."
     
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    Angelhair Senior Member

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