Wachovia to Settle Money Laundering Case for $160M

By: Curt Anderson AP Email
By: Curt Anderson AP Email

MIAMI (AP) - Banking giant Wachovia Corp. has agreed to pay $160 million to settle a federal investigation into laundering of drug money through Mexican exchange houses.

The agreement unveiled Wednesday in Miami calls for Wachovia to also institute better money-laundering controls. In return, the bank and its executives will avoid any criminal prosecution.

The Mexican exchanges are used by immigrants to send money home.
Prosecutors say they are also used by drug traffickers to transfer illicit cash.

Wachovia is a unit of San Francisco-based Wells Fargo & Co. The parent company's officials say they knew about the investigation before buying Wachovia in 2008 and set aside reserves that will pay
for the settlement.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 88240432 - kolotv.com/a?a=88240432
Gray Television, Inc.