How a big US bank laundered billions from Mexico's murderous drug gangs

[go west young man]

Source: The Guardian UK/Observer

During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.

The authorities uncovered billions of dollars in wire transfers, traveller's cheques and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.

Read more: http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

[aquart]

1. Oh, goody. I'm sure dozens of executives will go to jail.

Oh wait. It's not April 1 anymore. Never mind.

[go west young man]

2. A morning kick of my own post because Synovus's CEO

actually came to my former workplace of Sea Island, Ga back in 2003 and told a captive
audience of 2000 employees to quote "get behind the coming war with Iraq". What a prick
that man is.