Wachovia caught in money-laundering probe

Published: April 26, 2008 at 12:07 PM
Related Company

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, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Watercooler Stories (45 min)
Jockstrip: The world as we know it.
Your Daily Horoscope
The almanac
NBA: Utah 105, Chicago 86
More companies allowing cyber shopping
NHL: Vancouver 4, Los Angeles 1
fark
Photoshop this colorful commuter
Man digs up wife's corpse just for hugs
Forget killer bees. Here come super termites
Wal-Mart taking extra safety precautions this Black Friday to prevent unruly deal-deprived mobs...
Ugly-ass baby meerkats cuddle up with a plush meerkat doll after losing their mother. The Sun is...
Scottish brewery releases world's strongest beer, Tactical Nuclear Penguin, that's 32% alcohol....