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WACHOVIA TO PAY $160 MILLION FOR LAUNDERING DRUG MONEY
NY TIMES - The Wachovia Bank, a unit of Wells Fargo, has agreed to pay $160 million to settle a federal criminal case accusing it of laundering Mexican drug money, Reuters reports.
Under the agreement, Wachovia will forfeit $110 million, representing the proceeds of illegal narcotics sales that were laundered through the bank, the United States attorney's office in the Southern District of Florida said. The bank will pay an additional $50 million fine to the Treasury Department.
REUTERS - "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations by laundering at least $110 million in drug proceeds," the United States attorney, Jeffrey Sloman, said Wednesday.
Under the agreement, Wachovia will forfeit $110 million, representing the proceeds of illegal narcotics sales that were laundered through the bank, the United States attorney's office in the Southern District of Florida said. The bank will pay an additional $50 million fine to the Treasury Department.
REUTERS - "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations by laundering at least $110 million in drug proceeds," the United States attorney, Jeffrey Sloman, said Wednesday.
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