Wachovia struck a deal with Federal prosecutors under which the bank admitted it didn't do enough to prevent money-laundering between criminal organizations, in which illicit funds transferred flew past the $300 billion mark. Now Wachovia faces charges from the Department of Justice over violating the Bank Secrecy Act - a first for the bulge bracket of large U.S. banks.
Similarly, traffickers used accounts at Bank of America to purchase three planes that ended up smuggling 10 tons of cocaine. "Federal agents caught people who work for Mexican cartels depositing illicit funds in Bank of America accounts in Atlanta, Chicago and Brownsville, Texas, from 2002 to 2009," says the article.
Join us on our
Share this page with your friends
on your favorite social network: