Between 2004 and 2007, Wachovia Bank handled funds totaling $378.4 billion for Mexican currency-exchange houses acting on behalf of drug cartels. The transactions amount to the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in US history. This case is not exceptional; Wachovia is just one of several US and European banks that drug cartels have used to launder money.

Censored News Cluster: From “Bankster Bailout” to “Blessed Unrest”: News We Can Use to Create a US Economy for the 99 Percent

Clarence Walker, “American Banks ‘High’ on Drug Money: How a Whistleblower Blew the Lid off Wachovia-Drug Cartel Money Laundering Scheme,” AlterNet, November 1, 2011, http://www.alternet.org/story/151135/american_banks_’high’_on_drug_money:_how_a_whistleblower_blew_the_lid_off_wachovia-drug_cartel_money_laundering_scheme>.

http://www.mediafreedominternational.org/2012/01/26/wachovia-bank-laundered-money-for-latin-american-drug-cartels/

Student Researcher: Alysha Klein (Florida Atlantic University)

Faculty Evaluator: James F. Tracy (Florida Atlantic University)

Similar Posts:

• Censored 1990: Stories of 1990
• 17. Students Crushed By One Trillion Dollars in Student Loans
• 15. Dangers of Everyday Technology
• 5. First Federal Reserve Audit Reveals Trillions Loaned to Major Banks