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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 spend
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."
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 spend
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."
