The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets reports in its August 2010 issue.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine.
The admission came in an agreement that Charlotte, North Carolina-based Wachovia struck with federal prosecutors in March, and it sheds light on the largely undocumented role of U.S. banks in contributing to the violent drug trade that has convulsed Mexico for the past four years.
A Democratic challenger who said she intends to drop out of November’s race for the US...
Ukraine said its forces struck a Russian warship capable of launching Kalibr cruise missiles during overnight...
Nobel Peace laureate and activist Narges Mohammadi has been transferred to a Tehran hospital more than...
New York City mayor Zohran Mamdani on Wednesday slammed an Israeli real estate expo at a...
