News and Analysis Everyday Contact our Licensing Department Today

Wachovia caught in money-laundering probe


Published: April 26, 2008 at 12:07 PM
Print story
Email to a friend
Font size:
CHARLOTTE, N.C., April 26 (UPI) -- U.S. investigators are looking into the role of Wachovia Corp. in an alleged money laundering scheme involving Mexican and Colombian drug money, officials said.

The Wall Street Journal reported Saturday the Charlotte, N.C., bank is just one of several U.S. banks under investigation.

The newspaper said Wachovia and the other banks severed ties with the Mexican foreign-exchange firms in December and January after inquiries began.

"Wachovia is committed to maintaining a strong anti-money-laundering program," said Wachovia spokeswoman Christy Phillips-Brown

Wachovia held deposits belonging to foreign-exchange houses and provided back-office services to the businesses known as casas de cambio.

Court papers show federal agents seized more than $11 million in 23 Wachovia accounts belonging to Casa de Cambio Puebla, a Mexican foreign exchange chain, alleging the money belonged to a drug cartel.

© 2008 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
Print story
Order reprints
Email to a friend
Post comment
See Also:
» Next in Top News: Turkish troops target PKK in northern Iraq

MIDEAST ISRAEL BUSH
U.S. President George W. Bush visits the Bible Lands Museum in Jerusalem on May 16, 2008. (UPI Photo/Amos Ben Gershom/Israeli Government Press Office)
U.S. President Bush visits Israel
Full Photo | Slideshow